34 The QUENS Courier • REAL ESTATE • march 5, 2015 for breaking news visit www.queenscourier.com Selling point: Joe Abbracciamento site sells again and more big sales ▶ real estate BY LIAM LA GUERE [email protected]/@liamlaguerre The closing and sale of the nearly seven-decade-old Joe Abbracciamento Restaurant in Rego Park caused an emotional stir in the neighborhood last year. The buyer, Criterion Group, had plans to demolish and build on the property, but nearly one year after the eatery closed, the new owner has sold the property. That transaction is just one of the big sales in the borough over the week. Address: 62-98 Woodhaven Blvd., Rego Park Price: $10,850,000 Plans to transform the former site of Rego Park’s beloved Joe Abbracciamento Restaurant haven’t gone anywhere. The restaurant and adjoining buildings were sold to 62-98 Realty LLC, a firm based in Flushing, for $10.8 million, according to city records filed on Feb. 27. After the family-owned eatery closed and was sold along with the adjoining buildings on the block for $9 million to Criterion Group, according to property records, permits were filed by the new owners to demolish the buildings and build a seven-story residential building on the lots with nearly 120 apartments and 60 parking spaces. The stores attached to the restaurant were closed last year for the impending demolition, which has not occurred as yet. Address: 39-34 43rd St., Sunnyside Price: $8,100,000 This warehouse building near Torsney/Lou Lodati Playground traded hands for $8.1 million, according to city records filed on Feb. 24. Jay Kestenbaum is the buyer. Last year, the FDNY tried to acquire this site to store about 100 spare and reserve fire engines, according to published reports. The plan needed Uniform Land Use Review Procedure approval from the city. Although it was approved by Community Board 2, the plan was met with some opposition. Residents cited potential problems of increased traffic and noise. The FDNY withdrew its application and plans for the site in August. Address: 39-50 24th St., LIC Price: $5,675,000 Greiner-Maltz Investment Properties closed on this apartment building on Feb. 24. The four-story, 30-unit building has 21,680 square feet of space. There are also two vacant retail spaces in the building on the ground floor. The sale has yet to hit city property records. THE COURIER/File photo Joe Abbracciamento restaurant Astoria Boulevard development site sold, will become new residential building Photo courtesy of Modern Spaces BY LIAM LA GUERE [email protected]/@liamlaguerre An Astoria development site was sold for $4.8 million and will be transformed into a residential building, according to real estate firm Modern Spaces. The lot at 8-25 Astoria Blvd. offers up to 33,751 buildable square feet, the real estate firm said. A Modern Spaces team of Evan Daniel, Edward DiTomasso and Alice Chan represented the buyer and seller. Daniel said the new owner has the intent to use the site for residential development. The sale equates to about $142 per buildable square feet, which is much less than land values in nearby Long Island City. Partly because of the lower land prices, Astoria has become a hot neighborhood for development. Not far from the site, the Hallets Point and Astoria Cove mega projects will bring about 4,000 units, and hundreds of other apartments are planned around the area. “Northwest Astoria remains relatively undeveloped but with several major projects in the pipeline, this area contains some hidden jewels for developers both local and abroad,” said Daniel, executive vice president of the real estate firm’s commercial division. “With land values in neighboring Long Island City hovering around $250 per buildable square foot, some may actually view the price point of this property, and several around it, as a ‘bargain.’”
QC03052013
To see the actual publication please follow the link above