Criterion Group pays $57M for Astoria development site

Home to wholesale grocery can hold up to 460,000 square feet for residential use

11-12 30th Drive in Queens and Shibber Khan
11-12 30th Drive in Queens and Shibber Khan

Astoria developer Shibber Khan’s Criterion Group acquired a large development site in the neighborhood for $57 million.

The site at 11-12 30th Drive, spanning Vernon Boulevard through 12th Street and close to the Astoria Cove development, can hold as much as 460,000 square feet for residential use. Long Island-based development firm Vernon Realty Associates put the property on the market for $60 million in August, as previously reported.

Wholesale grocer Bohea Associates currently occupies the low-rise warehouse on the premises. If Criterion were to include an affordable housing component, a residential building as tall as 10 stories could rise on the site.

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Adam Spies, Doug Harmon and Jean Celestin of Eastdil Secured had the listing.

Last year, Criterion sold two high-end rental buildings at 30-50 21st Street and 11-15 Broadway for a total of $60 million, as previously reported. [Crain’s]Mark Maurer