Massive waterfront development site in Astoria hits market for $80M
One of the largest listings held by New York City brokerage newcomer Avison Young, which The Real Deal today reported is engaged in a legal battle with BGC Partners, has finally come online: a four-acre residential development site on the Astoria Waterfront. The Wall Street Journal reported that the site, at 3-15 26th Avenue, was formerly a lumber yard featured in the film “Freejack” and is now asking $80 million. Based on discussions with the Department of City Planning, Avison Young CEO Arthur Mirante said the land could be rezoned to allow for 800,000 square feet of residential development, rendering the asking price an even $100 per buildable square-foot.
Public records show the owner of the lot is the Le Noble Lumber Company, which first purchased it in 1984. Citing brokers, the Journal said it is one of several waterfront sites in Astoria, to the north of Long Island City, that could one day be home to residential developments. In a July profile on Avison Young, The Real Deal listed this property as one of the brokerage’s larger forthcoming listings. [WSJ, 3rd item]