Cushman & Wakefield has set a June 28 deadline for bids to acquire Astoria Cove, an 8.7-acre waterfront development site in the Astoria neighborhood of Queens.
The site is fully approved for 2.2 million square feet of mixed-use development on the waterfront where developer interest has been stimulated by New York State’s new 421a program, according to the broker.
Situated adjacent to The Durst Organization’s planned $1.5 billion, 2,400-unit Halletts Point development, which is already actively under construction, Astoria Cove has been approved for approximately 1.7 million residential square feet, nearly 110,000 square feet of retail, roughly 62,250 square feet for a school, and 300,000 square feet of parking. One-quarter of the site’s projected 1,700 residential units are required to qualify as affordable housing.
“Immediately upon adoption of the new 421a incentive program, we witnessed a substantial uptick in investor interest in Astoria Cove,” said Cushman & Wakefield executive managing director Robert M. Shapiro, who is leading a marketing team that includes Robert A. Knakal, chairman of New York Investment Sales for Cushman & Wakefield, and chairman Adam Spies.
“The development community uniformly recognizes that this site represents the future of luxury living along Queen’s shoreline,” said Shapiro. “Astoria Cove is destined to advance Astoria’s historic transformation into one of New York City’s most vibrant and attractive destinations for residential living. The extremely close by Astoria route of the Citywide Ferry Service set to open in 2017 will connect the growing business and residential communities, including the new Cornell Tech Campus, with landings on 34th Street, Roosevelt Island, Long Island City, and Wall Street / Pier 11”
Assembled over a decade ago, the site is expected to fetch north of $300 million.