Yaoguang Wu Acquires Development Site In Astoria Queens For $2.9M With Brokers Paul Milonakis And Roozbeh Hakimian

The property involved in this transaction is a development site located at 26-24 3rd Street in Astoria, Queens. The sale price was $2,900,000, with a total square footage of 13,703, which translates to a price per square foot of $211. The lot size is 50x124 and is zoned R6, with a maximum residential area potential of 13,703 square feet. The site allows for a maximum of 20 units and includes an additional 800 square feet for corridor deductions.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $2,900,000
• BSF: 13,703
• Price Per BSF: $211
• Buyer: Yaoguang Wu
• Buyer’s Representative: Yimin Ge - Compass
• Seller’s Representatives: Paul Milonakis - Halvatzis Realty & Roozbeh Hakimian - Fox 21
• Market: Astoria, Queens
• Lot Size: 50x124
• Zoning: R6
• Maximum Units: 20

The buyer, Yaoguang Wu, was represented by Yimin Ge from Compass, while Paul Milonakis from Halvatzis Realty and Roozbeh Hakimian from Fox 21 represented the seller. This transaction has been noted as a prime opportunity for development in the area, particularly given its proximity to ongoing projects such as Astoria Cove and Hallets Point.