Astoria, Real Estate
Jul 29, 2014

Industrial Buildings Nearby Astoria Cove Footprint to be Demolished

We noticed that a couple of buildings—26-15 4th Street and 26-01 4th Street—are slated to be demolished. These buildings are steps away from Phase 1 of the Astoria Cove development (…)

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Via Google Maps.

We noticed that a couple of buildings—26-15 4th Street and 26-01 4th Street—are slated to be demolished. These buildings are steps away from Phase 1 of the Astoria Cove development footprint, which is interesting to us. DOB lists the owners as Mings Garden Realty and AA Holding of Long Island City (a supermarket food distributor), who bought the properties in 2009.

4th-street-properties-and-astoria-cove-queens

Via the Astoria Cove Development Environmental Assessment Statement

In January Massey Knakal had the exclusive listing for both properties, with an original asking price of $18,000,000. MK knew this location would be valuable, being right next to Astoria Cove (arrows above point to location of the two properties):

The neighborhood is set to undergo a massive revitalization with the coming construction of 4,000 new units, a bank, supermarket, school, commercial spaces, waterfront promenade and improved transit access. This neighborhood redevelopment is split between the Hallet’s Point project (approved) and Astoria Cove. With its size, available air rights and proximity to the waterfront and multiple large development projects, this site poses an excellent opportunity for a developer.

It’s unclear what they are going to do with this property, but good chance they will be taking advantage of the development that will take place over the next ten years or so. Perhaps it will be more housing. This is something to keep an eye on. Also, not far away, the property at 2-21 27th Avenue is being sold as a “development site.” Things are happening in this part of Astoria.

About Meg Cotner

Meg Cotner was trained as a harpsichordist and now works as a freelance writer and editor. She is the author of "Food Lovers' Guide to Queens," and is a skilled and avid home cook, baker, and preserver.

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