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Six Stories Planned Over 31st Street Investors Bank


Aug. 31, 2015 By Jackie Strawbridge

Developers are hoping to make use of airspace over the Investors Bank at 31st Street and 23rd Avenue, documents show.

Construction plans were filed with the Department of Buildings in mid-August to stack six stories on top of 23-02 31st St. This property, right next to the N/Q tracks, currently holds a one-story building occupied by Investors Bank, a furniture shop and a salon.

Plans call for 10 residences on floors three through seven, with two units on each floor.

A residential lobby would join commercial space and banking on the first floor. The second floor would hold an office.

The site is zoned for mixed-use commercial and residential; a Department of City Planning spokesperson said the proposed structure could be built as of right.

The spokesperson added that there are off-street parking requirements for this zoning district, but they vary by use. Developers have not included parking in their construction plans and have not applied for a parking waiver with DCP.

A stop work order was issued for this property by the Department of Buildings in May.

The property owner could not be reached for comment.


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I rather see new housing developments in the Astoria/Ditmars area than the Time Warner Cable drop-off center being built (or that huge medical building) that will typically attract people coming to our neighborhood that do not live here and do not care about quality of life issues (ex. littering, unsafe driving, etc.). That new development by PS 85 Judge Charles Vallone, has aesthetically improved that area so much. Yes, change has its pros and cons but personally i rather see new housing than big business.

Long Time Resident

This will just adds to the craziness of 23rd avenue between 31st and 29th Street. I feel this is a bad idea.


I am sure it will all work out in the end. And I hope this is only the beginning to a much needed redevelopment of newer and better housing in the Astoria/Ditmars area. When i was apartment hunting last spring so many of the apartments in this area are outdated or cheaply updated. I am by Broadway now but would like to live by Ditmars because it is the last stop of the train.

Anonymous Visitor

It’s not required James. If your so uptight about parking why don’t you get rid of your car!

Save Astoria

You know in Bogota, Colombia every apartment complex has underground or above ground parking, This is a city mind you 8,660 ft above sea level, founded in 1538 compared to 1624 for NYC and remains vulnerable to earthquakes. No reason why this can’t be done here in NYC.


There isn’t an engineering reason why developers don’t want to do this . It’s about money. Parking spaces above ground take up space that could be used for condos , parking underground costs money. I do think they should have parking to reduce street congestion . Having available parking isn’t going to make people buy more cars .


Money talks…You can build almost anywhere/anything in NYC as long as you have the funds…and developers know that people are willing to pay a high price for brand new rentals/condos despite facing the train.


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