The Real Deal New York

Astoria building with 114 rentals hits the market for $100M

The Mega Contracting Group-owned building is located at 31-57 31st Street
April 09, 2018 07:00AM

31-57 31st Street (Credit: CityRealty)

Development and construction firm Mega Contracting Group has put a mixed-use building in Astoria with 114 residential units on the market for $100 million.

The firm paid $17.4 million for the property at 31-57 31st Street in 2015, when it was a parking lot, according to Crain’s. Mega Contracting Group then constructed a rental building with an underground parking garage, along with retail and community space.

Despite not having any affordable units, the property is subject to 421a benefits because the developer was able to get into the program before it was reformed last year. The site also has ICAP benefits, which gives tax breaks to developers who work on newly constructed commercial spaces.

A Cushman & Wakefield team led by Bob Knakal was hired to market the building.

There are a few new residential buildings in the works in the neighborhood, including Astoria Boulevard Construction’s 47-unit project at 8-29 Astoria Boulevard and Strategic Capital Metropolitan’s 50-unit condo building at 3-11 27th Avenue. [Crain’s]Eddie Small