Feb. 15, 2019 Staff Report
Plans are underway to tear down an Astoria warehouse just off Vernon Boulevard to make way for a new eight-story residential development, according to building filings submitted in late January.
The proposed building, put forth by BlueMountain Capital, would cover more than 33,000 square feet at 11-35 31st Dr., and includes 40 apartments on site in what is today home to a one-story warehouse, built in 1959.
The development, less than a block from Socrates Sculpture Park, would also feature enclosed parking with 20 spaces, and recreational spaces at the ground floor and roof.
The property, previously owned by Kenneth Trading Corp. for several decades, was purchased by BlueMountain Capital for $8.2 million last year, according to property records.
The sale was arranged by Cushman & Wakefield, which said at the time that the the property is located in a growing residential neighborhood. “As demand for residential development continues to rise in Astoria, the buyer has made an exceptional investment,” said Stephen R. Preuss, senior managing director for the firm.
Demolition plans to bring down the 10,000-square foot warehouse have yet to be filed.
no it will wind up abandoned like in detroit
NYC has a 3.63 vacancy rate. Why do you think they will be abandoned? Detroit and NYC are not even close to the same type of city.
Hey, with human labor becoming obsolete at an accelerating pace, what could possible go wrong? Perhaps tenants that can afford to pay 3k a month for a small apartment will keep raining from the sky indefinitely. One day, the music will stop. And it ain’t gonna be pretty, bubba.
And when that happens, the rents will be affordable again. You won’t have a job, either but hey, you can’t have everything, right?
It won’t be filled by the Amazon hipsters that they hoped for
Yeah. It’ll be filled with some other hipsters instead. FOH
When did getting an education and a good job become something to insult ? What jobs do you want people to get?