David Cruz Acquires Development Site At 8-48 Astoria Boulevard From Cortazar Family For $2.75M

The asset involved in this transaction is a development site located at 8-48 Astoria Boulevard in the Astoria market. The transaction price was $2,750,000, with a building square footage (BSF) of 16,572, resulting in a price per building square foot (PPBSF) of $166. The site has a total square footage (SF) of 5,443, which translates to a price per square foot (PPSF) of $505.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $2,750,000
• Building Square Footage: 16,572
• Price per Building Square Foot: $166
• Total Square Footage: 5,443
• Price per Square Foot: $505
• Buyer: David Cruz
• Seller: Cortazar Family
• Broker: Alexandre Goulet - Landair Advisors

The property was acquired through a court-ordered bankruptcy auction held in 2024. The new ownership has completed all due diligence, including Phase I and survey work, and is now presenting the asset as a clean, vacant development opportunity.