The Real Deal New York

Silverstein Properties adding 6 more land parcels to its Astoria holdings

Sites are all located by Steinway Street and 35th Avenue
February 28, 2019 11:01AM

35-10 43rd Street and 35-18 43rd Street in Astoria with Larry Silverstein (Credit: Google Maps and YMWREA)

Silverstein Properties is buying six more land parcels in Astoria.

The parcels are located on three blocks in the southwestern part of the neighborhood by Steinway Street and 35th Avenue, according to PincusCo. None of the contracts included a purchase price or closing date.

The properties are located at 35-42 41st Street, 35-33 41st Street, 35-45 41st Street, 42-11 Northern Boulevard, 35-10 43rd Street and 35-18 43rd Street.

Silverstein now controls 13 parcels across three blocks in the neighborhood spanning 182,890 square feet overall. However, all but one of the properties are currently zoned as M1-1, which only permits low-rise commercial uses.

The firm’s new purchases could put pressure on the city to rezone the blocks and allow for residential development, but Silverstein’s plans for the sites are still unclear.

Over the summer, Silverstein acquired the ground lease for a seven-parcel development site in Astoria in its first major push into the outer boroughs. The site spans two blocks between 42nd Street and Steinway Street, and the properties span 390,906 square feet with more than 1.5 million square feet of commercial development rights. [PincusCo] — Eddie Small