By Holly Dutton
An Astoria-based real estate firm has sold two apartment buildings for $60 million in the booming Queens enclave of Astoria.
Cushman and Wakefield represented The Criterion Group in the sale of 30-50 21st Street and 11-15 Broadway in Queens to an unnamed buyer, C&W told Real Estate Weekly exclusively on Nov. 1.
Both luxury rental buildings feature high-end in-unit finishes and top-rate amenities, 24-hour attended lobby, on-site parking and fitness center, and roof deck access offering breathtaking Manhattan skyline views.
The building at 11-15 Broadway is an eight-story, 80 unit residential tower, with 15 studios, 50 one-bedrooms, and six two-bedroom apartments.
Nearby 30-50 21st Street is eight stories and has 65 units.
The properties, which C&W began marketing to buyers in April, are also located within walking distance from major subway lines, offering a 15 minute ride to Midtown Manhattan.
A Cushman & Wakefield New York Capital Markets team of Helen Hwang, Nat Rockett, Karen Wiedenmann, Brian Szczapa and Gideon Gil represented Criterion in the transaction.
“Recent activity in the dynamic Astoria market reinforces the strong appeal of well located, high quality borough assets, which will continue to draw widespread investment and institutional focus into these markets,” said Hwang.
Astoria, known as one of the most diverse neighborhoods in New York City, if not the country, has seen an explosion of residents moving to the area in recent years.
Though a popular area, rental prices in the Queens nabe are still relatively affordable, with average rents at $1,450 for a studio, $1,887 for a one-bedroom, and $2,300 for a two-bedroom, according to real estate website Streeteasy.
Average price per square foot in Astoria is $396, while nearby Long Island City is nearly twice that amount, at $785 p/s/f.
The Criterion Group, which is headquartered in Astoria, Queens, has developed more than 660 units in several boutique projects in the Astoria area since its inception in 2003.
Criterion has focused its development activity primarily in desirable neighborhoods that allow it to combine an urban setting with a wide array of amenities and transportation conveniences.