Another Astoria waterfront industrial site recently hit the market and could be sold to an investor looking to develop the property into a residential mixed-use structure, which has become a trend in the area.
The owner of the vacant, one-story warehouse located at 30-05 Vernon Blvd., bought the property last year for $3 million, according to city records, and was hoping to transform it into a mixed-use condo, office and ground-floor retail building. Construction permits were never filed with the Buildings Department, but renderings were created for the potential seven-story structure.
3005 Vernon Boulevard Joint Venture, which is listed as the owner, pulled the plug on its own project and is now selling the development site for more than six times what it sold for last year.
The asking price is $18.24 million, according to Cushman & Wakefield, which is marketing the site. The site has up to 96,000 buildable square feet for a mixed-use development, and its price breaks down to about $190 per square foot, which isn’t topping premium levels for sites in the neighborhood.
The property has only been on the market for about a week, but more than 50 investors have called to learn more about it, according to Stephen Preuss of Cushman & Wakefield. Preuss said he expects it to sell soon.