SUMMARY

Development Site Advisors® successfully brokered the sale of a strategic land assemblage in the heart of Astoria, Queens, for $8.5 million in a true all-cash transaction. The deal included three adjacent lots totaling approximately 15,998 square feet of land, and was closed in just 45 days. Both buyer and seller remain confidential.

THE PROBLEM

The seller owned a valuable mixed-use property with complex operational and access considerations tied to their broader portfolio. They were seeking to unlock value through a sale while preserving essential easements for continued operations. The challenge was identifying a qualified buyer who could move quickly and navigate the intricacies of the deal without compromising future development potential for either party.

THE SOLUTION

Development Site Advisors®, led by brokers Rubin Isak and Lev Kimyagarov, structured a creative solution that split the property into a buildable front lot and a permanently protected easement in the rear. This ensured ongoing operational use for the seller while offering the buyer a clear, shovel-ready development site. The buyer was sourced through DSA’s proprietary developer database and RFP process, which targeted serious all-cash developers capable of executing swiftly and strategically.

THE RESULTS

The transaction closed for $8,500,000, equating to $266 per ZFA. The buyer will develop on the front 93’ x 100’ section (approx. 9,300 SF) and retain the full 31,996 ZFA. The rear 93’ x 85’ section was preserved via a Permanent and Exclusive Easement for parking and thru-access, benefiting the seller’s continued business operations. The entire deal was completed in 45 days with full operational protections intact.

TESTIMONIAL

“Thank you very much, Rubin and Lev, for going above and beyond to get this across the finish line. This was an unusually challenging sale for my family, and I especially appreciated your responsiveness and patience! My family and I are very fortunate to know you two.”

– AA, SELLER