Astoria Cove

Astoria, Queens, New York 11102

Listing ID Number

25027

Property Description

Cushman and Wakefield is pleased to present the opportunity to acquire Astoria Cove (the “Project”), an 8.7 acre waterfront development site in the Astoria neighborhood of Queens. The site has been meticulously assembled over the past 37 years and has received approval from all required City and Government agencies to construct a ~2.2 million square foot mixed-use development which will transform Astoria’s waterfront and the Queens skyline. The mixed-use project was approved for approximately 1,700,000 residential square feet (25% of FAR must be affordable), nearly 110,000 square feet of retail, 300,000 square feet of parking, and roughly 62,248 square feet for a school.
The Astoria market continues to undergo a dramatic transformation, fueled by unprecedented population growth and the advent of major commercial and residential developments. With the momentum created by the Durst Organization’s proposed $1.5 billion (2,400 unit) Hallett’s Point development and numerous other projects already under construction, Astoria Cove is poised to benefit from the continued maturation of the market. Rapidly rising multifamily and condominium pricing and demand, make this a highly coveted investment opportunity.
It is extremely rare for the fee simple interest of a project of this magnitude to become available for purchase on premier undeveloped waterfront property. In fact, only two properties with over 2 million square feet of buildable potential have sold since 2009, and only one of these (Domino Sugar Factory) benefited from a waterfront location. The Project presents investors with the opportunity to transform the Queens waterfront in one of the nation’s top-performing submarkets.

Overview

Building Type:Development/Conversion Sites
Location:Astoria Cove
Lot Sq Ft:377,726 sf (8.7 acres)
Buildable Sq. Ft:2,223,171 gsf
Units:1,723 units (1,378 market rate / 345 affordable)

Contact

For further information or inspection, please contact Exclusive Agents:

Robert M. Shapiro
Executive Managing Director
(212) 660 7717
robert.shapiro@cushwake.com

Robert A. Knakal
Chairman, New York Investment Sales
(212) 660 7777
robert.knakal@cushwake.com

Adam Spies
Chairman
(212) 841 5903
adam.spies@cushwake.com

Jonathan Hageman
Executive Managing Director
(212) 660 7773
jonathan.hageman@cushwake.com

Marcella Fasulo
Senior Managing Director
(212) 841 7571
marcella.fasulo@cushwake.com

Patrick Yannotta
Director
(212) 660 7791
patrick.yannotta@cushwake.com


Property Images

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Property Map


Aerial View


The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.