Summary

2101-2139 31st Street in Astoria, NY. The entire portfolio consists of 5-Buildings, 6 Tax Lots, with 13-Stores, totaling 36,935 Square Feet of Retail Space, situated on a 400’.02 x 100.02’ lot, with 400 feet of frontage on 31st Street. This site boasts approximately 122,935 Buildable Square Feet for a ground up mixed-use development; half of which is close to topping off and becoming the luxury condominium subbed “The Rowan”.

The portfolio, which was owned by multiple different owners, was broken up into 4-Transactions/6 tax lots & Air Rights for a total of $28,587,424 or $232/ZFA. 21-25 31st Street sold for $6,350,000. 2101-2119 31st Street sold for $16,050,000, 21- 37 31st Street sold for $5,000,000 and the Grace Lutheran Church Air Rights, Easements & Lot was sold for $1,187,424.

SALE #1:

21-25 31st Street in Astoria, New York. The single-story building traded for $6,350,000 in an all cash transaction. The subject property is a 11,875SF one-story retail building with 125 feet of frontage on prime 31st Street between Ditmars Boulevard and 21st Avenue in the Ditmars/Steinway section of Astoria, Queens. 21-25 31st Street is situated in a C1-3/R6A zoning area, which gives the site over 35,000 Buildable Square Feet for a future mixed-use development.

SALE #2:

2101-2119 31st Street, are three, contiguous, corner single-story retail buildings which traded for $16,050,000 in an all cash transaction on January 13, 2016.

The subject properties were improved by nine (9) retail stores. Combined, the portfolio has 20,310 Above Grade SF with 225 feet of frontage on 31st Street on the corner of 21st Avenue in the Ditmars/Steinway section of Astoria, Queens. 2101-2119 31st Street is situated in a C1-3/R6A zoning area, which gives the site approximately 42,855 SF of air rights or over 63,165 Buildable Square Feet for a possible future mixed-use development.

The sales price of $16.05M, equates to $790.25/SF, roughly $254.10/Buildable SF and roughly a 2.65% capitalization rate. The sellers owned the building for over 23 years.

SALE #3:

2137-2139 31st Street was a single-story retail building that traded for $5,000,000 in an all cash transaction on September 8, 2016.

The subject property was improved by three (3) retail stores. The property had 4,750 Above Grade SF with 50 feet of frontage on 31st Street between 21st Avenue and Ditmars Boulevard in the Ditmars/Steinway section of Astoria, Queens. 2137-2139 31st Street is situated in a C1-3/R6A zoning area, which gives the site approximately 9,500 SF of air rights or 14,250 Buildable Square Feet for a possible future mixed-use development.

The sales price of $5,000,000, equates to $1,052.63/SF, or $350.88/Buildable SF. The seller, who built the building in the 1960’s, owned the building for almost 60 years.

SALE #4:

The sales price of $1,187,424 for 9,595 SF of Air Rights, a light & air easement and a rear portion of the Grace Lutheran Church of Astoria lot. The Church was able to use these funds for its school expansion.

Situation

The sellers, all family owned, have owned for a combined 123+ years and neither family were historically transactional. All of the sites were income producing assets. When the owners of 21-25 31st Street, the “middle piece”, reached out to development site advisors® from California, we saw the possibility to expand on the sale. Using a surgical approach, we were able to identify a local player who knew the area cold and were able to finalize an all-cash transaction, with escrow being released to ownership during contract.

Once closed, we targeted the owners of 2101-2119 31st Street to see if they would entertain an offer. We were able to represent the developers in an all-cash transaction to purchase the “Corner piece”

We then moved on to 2137-2139 31st Street, which was owned by the gentleman who actually constructed the

building 60-years prior. The developers paid a premium, over $350/bsf to own this site.

Once all buildings were assembled, we approached the Grace Lutheran Church that was at the rear and abutting the corner site. We asked what they needed; they just merged Churches and Schools and needed to expand. This sale would monetize the site for them and allow them to complete their goals. The developers purchased the Air Rights, Light & Air Easements and a portion of the rear lot. This completed the assemblage.

Outcome

The developers were able to vacate half of the site, roughly 200 feet of frontage, for their first phase of development. Once that is complete and sold off, they will be able to construct the 2nd phase of this fantastic development site.