April 4, 2014 By Michael Florio
The redevelopment of Astoria continues.
A big piece of real estate located on the north side of Broadway has just changed hands for $10,225,000, and experts say it is only a matter of time before the site is developed.
The parcel, which consists of three contiguous lots at 14-01, 14-07 and 14-19 Broadway, is zoned for residential and mixed use development.
The buyer, a real estate investment group, is permitted to build up to seven stories (78,000 buildable square feet).
“Rising rents and condominium prices are creating tremendous demand for Queens development sites,” said Shimon Shkury, president of Ariel Property Advisors, the firm that brokered the deal.
The seller was an unnamed private investor.