Stellar Management announced it has purchased a development site in Astoria, Queens, in partnership with AKI Development.
The JV plans to build a 10-story mixed use property containing 55,000 s/f of office space along with retail, parking and a community facility.
The building will have slab to slab ceiling heights of 15 ft. private outdoor terraces, views of the Manhattan skyline, and a landscaped communal roof deck.
“Coming off the success of our ground-up development at OTTO Greenpoint, we look forward to breaking ground on this project with the AKI Development team,” said Adam Roman, a principal and the COO of Stellar Management.
“AKI has close ties to the Astoria community and a proven track record that includes six developments in the market. Furthermore, we are excited to make an opportunity zone investment that, in conjunction with the Relocation and Employment Assistance Program (REAP), will bring permanent jobs and increased commerce to the neighborhood.”
The venutre paid $5 million for the site at 35-01 36th Street. Jeffrey Marshall of Kaplon-Belo Affiliates represented the seller in the transaction.
Located within the Kaufman Astoria Arts District near the historic Kaufman Astoria Studios, the neighborhood hosts a variety of parks, art, retail corridors and other neighborhood attractions.
“We are thrilled to partner with Stellar Management on this fantastic project which will be one of the premier boutique office buildings citywide,” said Aki Todic, president of AKI Development.
“The small to mid- sized column-free floor plates, exceptional fenestration, location in the heart of the Kaufman Arts District, proximity to numerous subway lines, and attractive amenity package will position 35-01 36th Street to compete favorably with Class A office buildings throughout New York City.”
Construction is slated to begin in Q1 2020 with the goal of completion in 2021.