Valyrian Capital has filed plans for a luxury residential rental building in Astoria, Queens, Real Estate Weekly has learned.
The company purchased a vacant site at 34-22 35th Street for $16 million in a joint venture with the existing owners of the property. It was an off-market deal with no brokers, at a price of $140 p/s/f. Average p/s/f prices in the area are around $250 p/s/f.
A seven-story mixed-use building will be constructed on the site that will have 3,000 s/f of ground-floor retail and 80,000 s/f of residential space, totaling 65 units, according to plans filed with the Department of Buildings (DOB).The building will also have 33 enclosed parking spaces.
Located in the heart of Astoria, the building will be adjacent to Kaufman Studios, and close to the N train at 36th Avenue.
Investment property sales in Queens rose to $3.65 billion in 2014, a 25 percent jump from the previous year, according to an Ariel Property Advisors report from earlier this year. Development site sales accounted for nearly a third of the dollars spent on investment properties in Queens last year, as demand continued to accelerate for that asset class.
Queens saw over $1 billion in development site sales in 2014, a 48 percent gain in dollar volume compared to 2013, and a 191 percent increase compared to 2012.
The building will be designed by Kutnicki Bernstein Architects, the same firm that Valyrian tapped to design its project at 856 Washington Avenue in Prospect Heights, the former Green Point Savings Bank, which will be redeveloped into a 14-story condo building.
Valyrian recently partnered up with Stone Street Properties co-founder Robert Morgenstern to purchase a pair of Brooklyn loft buildings for $28 million. The first building is a six-story elevator building at 347-355 Lorimer Street in Williamsburg, and the second is a five-story elevator property at 1381 Myrtle Avenue in Bushwick. The buildings house 42 rental units total, with nearly 60,000 square feet.
Representatives from Valyrian Capital declined to comment on the plans.
Valyrian Capital is a real estate investment and development firm headquartered in New Canaan, CT and led by brothers Brian and Greg Fieber and Ted Kakoyiannis. The company focuses on ground-up development and rehabilitations of residential and mixed-use projects in NYC and Fairfield County.