The heated real estate market in Astoria has caused an increase in development and rental rates, which have jumped faster than the city’s average over the past dozen years.
Demand is high throughout the neighborhood, and buyers just can’t stay away from two recently constructed residential buildings.
The pair, Astoria at Hallet’s Cove at 11-15 Broadway and the Montenegro of Astoria at 30-50 21st St., has been sold for a combined $72.3 million, giving the buildings three owners in three years, according to a published report.
Real Estate firm E&M Associates recently bought the buildings from Related Companies, which purchased them from Criterion Group in 2013 for $60 million, according to The Real Deal. Criterion Group developed the residential towers three years ago.
Despite being blocks apart, the towers have been sold as a package twice. Astoria at Hallet’s Cove, an eight-story building, has 79 apartments within 76,100 square feet, while the Montenegro is an eight-story tower with 65 apartments in 59,240 square feet.