Big waterfront site in Queens hits market at $60M

Land up for sale along the East River in Astoria is the latest of three spots—and counting—where residential projects are planned.

The latest launching pad for big-scale residential development in Astoria, Queens, has hit the market with an asking price of $60 million. The development site, located at 11-12 30th Drive, a parcel that stretches from the Astoria waterfront along Vernon Boulevard inland to 12th Street, can accommodate up to 460,000 square feet of residential space according to sources. Height limitations permit a building up to 10-stories tall.

In the late 1990s, a storage yard at a plastics factory on the site was gutted by a massive fire.

The parcel is currently home to a single-story factory building occupied by Bohea Associates, a grocery wholesaler. Adam Spies and Doug Harmon, brokers at Eastdil Secured, are handling the sale of the property on behalf of owner Vernon Realty Associates.

The site is near another large prospective residential development in Astoria. The firm Alma Realty is in the process of trying to secure approvals from the city to build a huge residential complex with 1,700 apartments in Astoria Cove. Close by, New Jersey-based developer Lincoln Equities Group’s plan to build a $1 billion residential project at Hallets Point with about 2,000 rental units, shops, restaurants, an esplanade and a park began its six-month public review process in April.


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