Avison Young announced that the firm’s New York City-based investment sales group has been awarded an exclusive assignment to market for sale a four-acre tract of waterfront property in Astoria, Queens.
The team leading the assignment includes principal aArthur J. Mirante, II, as well as principals Jon Epstein, Vincent Carrega, Neil Helman and Charles Kingsley, who are working on behalf of the site’s owner.
The peninsula in Astoria, situated between Hallets Cove and Pot Cove, is targeted for comprehensive redevelopment, benefiting from recently passed legislation that paves the way for the rezoning of a portion of Astoria’s waterfront to permit residential development.
As a result, large-scale mixed-use redevelopment projects that will bring new housing and retail options, amenities and public and open spaces to the neighborhood are now in the planning stages.
The site that Avison Young is marketing is located along the Astoria waterfront at 3-15 26th Avenue, and offers exceptional views of the Manhattan skyline and the RKF Triborough Bridge.
“This prime site is poised to be rezoned to residential use and is strongly positioned to benefit from the larger revitalization planned for the Astoria waterfront,” said Mirante. “As such, the parcel presents a tremendous opportunity for an investor seeking to unlock value through development, in a neighborhood that is expected to undergo a comprehensive transformation into a dynamic destination community.”
Added Epstein: “There are very few available sites in New York City that present such a strong opportunity to get in on the ground floor of a neighborhood redevelopment effort of this scale and caliber. As a result of this site’s unique position in the marketplace, we anticipate strong interest from the investment community.”