The Reel

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A blog for breaking sales and neighborhood real estate news.

A development site at 27-40 21st Street, located on the northwest corner of 28th Avenue and 21st Street in Astoria, Queens, was sold in an all cash transaction valued at $2,100,000.

The 5,000 square foot lot currently has a 3,850 square foot industrial building which is occupied by the United States Post Office. Additionally, there is a 1,150 square foot parking lot in the rear of the building.  The property is ideally located along the Q69 and Q100 bus line and is just minutes from the RFK Bridge. The zoning allows for up to 25,000 buildable square feet of mixed-use development.  The sale price equates to $84 per buildable square foot.

“Due to its prime location and generous zoning, this site received a tremendous amount of attention from buyers which translated into the owners achieving a premium price in a fairly stagnant development market. We received in excess of 50 bids and obtained a qualified buyer within six weeks of marketing the property,” said Massey Knakal First Vice President of Sales Al Holloman who exclusively handled this transaction with Chairman Robert A. Knakal.

Click here for press release

Neighborhoods: Astoria