■REAL ESTATE BY LIAM LA GUERRE [email protected] I @LiamLaGuerre New ferry system will benefit burgeoning Astoria waterfront Mayor de Blasio’s proposal to create a citywide ferry system, including a dock along Astoria’s waterfront, will boost interest in the already hot neighborhood where industrial properties are being gobbled up as possible new residential projects. In his State of the City address, Mayor Bill de Blasio unveiled a $55 million plan to expand citywide ferry service that will make stops around the five boroughs, including Astoria, Roosevelt Island, Long Island City, the Lower East Side, Coney Island, Soundview in the Bronx, and the Rockaways. The Astoria ferry dock was already included as part of the huge Astoria Cove project, which, together with the nearby Hallets Point mega development, will bring about 4,000 new apartments in the area. Besides those larger projects, the burgeoning Astoria waterfront is littered with development plans for older properties, and former industrial buildings are being marketed for development sites. Some experts believe the inclusion of another transportation option will be a positive addition for the growing neighborhood. “When I was growing up in Astoria, that area was not known as a safe neighborhood,” said Astoria native Minas Styponias, who is also an agent with Buy- Sell Real Estate in the neighborhood. “It’ll definitely become an area where people will want to go.” Styponias added, “It will be a little slow start until those towers get built there. Then there will be an increase in the ridership, and it will be well worth it for the city’s investment.” De Blasio expects to have the Astoria ferry running by 2017. He said there will be an estimated 4.6 million trips each year and a ride on the new waterway system would cost the same as a subway ride. The Astoria waterfront is underserved in public transportation, which traditionally plays a big role in real estate. As more of the city becomes accessible to the waterfront through the ferry, real estate professionals expect to see prices increase as the area becomes more popular. “I think the ferry is great news for Astoria, and will definitely add some value the area,” said Eric Benaim, CEO of real estate firm Modern Spaces. Map courtesy of Councilman Vincent Gentile Kushner Companies buys Astoria mixeduse residential complex for $51M A large Astoria mixed-use residential portfolio was sold for $51 million on Jan. 8. Kushner Companies, a Manhattanbased real estate firm, made its first purchase in the Queens market by buying the 143-unit, four-building complex, which also has 11 commercial spaces. The four buildings are located at 21-81 and 21-80 38th St., and 23-15 and 23-05 30th Ave. “We have been extremely interested in the Astoria multi-family market for quite some time due to the area’s long-time stability, quality housing stock and convenient proximity to Manhattan,” Kushner Companies CEO Jared Kushner said. The buildings are pre-war walk-up apartments with a mix of one-, two- and threebedroom units. Some retail tenants for the buildings already include Dunkin’ Donuts, a pizzeria, a laundromat, a barber shop and a grocery store. Seller RockFarmer Capital bought the buildings for $32 million just two years ago and reached a deal with Kushner in just a handful of weeks, according to a published report. FOUR-STORY LIC BUILDING NEAR WATERFRONT SELLS FOR $12 MILLION Elmhurst-based Eunhasu Corporation bought a four-story building in Long Island City near the waterfront for $12 million, according to city property records filed on Friday. The industrial building at 47-33 5th St., is zoned for residential development, and the previous owner had approved plans with the Buildings Department to convert the building from a manufacturing use. Under the previous owner’s plans, the building would become a six-story residential structure with 14 units, according to filings, and Brooklyn-based architecture firm Thread Collective was designing the property. Now that the building has been sold, it’s fair to say those plans could see some adjustment. The seller, 47-33 5th Street Corp., turned a nearly $10 million profit off the building after purchasing it in 2003 for $2.25 million, according to city records. Eunhasu Corp has been active on the selling side of the market as well. In October last year, the Elmhurst company sold a warehouse in LIC to GDC Properties for $37 million. GDC Properties is demolishing that warehouse and hopes to construct townhouses on the property.
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