The Schwimmer Family Purchases Development Site From Pinto Family In Astoria For $12M

A development site located at 34-10 38th Street in Astoria has been sold for $12,000,000. The property has a buildable square footage (BSF) of 60,746, resulting in a price per buildable square foot (PPBSF) of $197. The site has an overall square footage (SF) of 10,871, equating to a price per square foot (PPSF) of $1,103.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $12,000,000
• Address: 34-10 38th Street
• Market: Astoria
• Buildable Square Footage: 60,746
• Price per Buildable Square Foot: $197
• Square Footage: 10,871
• Price per Square Foot: $1,103
• Buyer: The Schwimmer Family
• Seller: Pinto Family
• Broker Representatives: Anand Melwani & Dean Abouelhassan - Landair Property Advisors

The deal was facilitated by brokers Anand Melwani and Dean Abouelhassan, who represent Landair Property Advisors. A notable aspect of the property is its designation as a mandatory Inclusionary Housing development site in the South Astoria / Dutch Kills neighborhood of Queens, where the purchaser plans to construct a 63,880 square foot residential building comprising 89 apartments.