Successful Sale of 27-40 21st Street in Astoria, Queens

Bob Knakal successfully arranged the sale of 27-40 21st Street, a commercial development site in Astoria, Queens, one of the city’s most desirable and fast-evolving neighborhoods. The property traded for $2,100,000, translating to $84 per buildable square foot (BSF).

This transaction underscores continued investor confidence in Astoria’s commercial and mixed-use sectors, bolstered by its accessibility to Manhattan, vibrant community atmosphere, and ongoing urban revitalization.

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Sale Overview: A Prime Astoria Development Opportunity

The sale of 27-40 21st Street represents a key investment moment within the Astoria submarket, offering developers 25,000 buildable square feet suitable for commercial or mixed-use projects. The site’s size, location, and zoning flexibility make it a compelling candidate for both local and institutional investors seeking long-term value creation.

Key Sale Facts:

• Sale Price: $2,100,000
• Price per BSF: $84.00
• Buyer: Refik Radoncic, Rade LLC
• Seller: Elizabeth Sinn, Atoria PO LLC
• Asset Class: Commercial Development Site
• Date Closed: March 5, 2012

Development Potential: 25,000 Buildable Square Feet of Opportunity

This Astoria development site at 27-40 21st Street offers approximately 25,000 BSF, creating strong potential for retail, office, or mixed-use residential development. Investors are drawn to the site’s corner positioning, large footprint, and proximity to key transportation corridors.

Highlights:

• Prime corner development site in western Queens
• Excellent access to subway lines and major roadways
• Situated in one of NYC’s most resilient rental and investment markets
• Zoning flexibility supports diverse development concepts

Property Details and Strategic Location

The property, located at 27-40 21st Street, Astoria, NY 11102, benefits from its position near Astoria Park, the RFK Bridge, and Grand Central Parkway. This strategic location provides exceptional accessibility to Midtown Manhattan and Long Island, appealing to both residential and commercial users.

Astoria’s steady growth, supported by zoning adaptability and cultural vibrancy, has made this corridor increasingly attractive to developers aiming for long-term returns and sustained tenant demand.

Property Summary:

• Lot Area: 25,000 BSF
• Buildings on Lot: 1
• Zoning: Commercial/Mixed-Use
• Neighborhood: Astoria, Queens
• Potential Uses: Retail, Office, or Mixed-Use Residential

Market Strategy and Positioning 

Bob Knakal’s strategic approach to marketing 27-40 21st Street highlighted its development flexibility, buildable potential, and location strength within a corridor poised for transformation. During a period when Manhattan land values were surging, Astoria emerged as a preferred outer-borough target for developers seeking cost-effective yet high-upside opportunities.

By emphasizing transport connectivity, zoning versatility, and area growth trends, Bob positioned the site as a prime fit for value-driven investors and forward-looking developers.

Neighborhood Overview: Astoria’s Rising Commercial Energy

Astoria continues to be recognized as one of Queens’ most dynamic and culturally diverse neighborhoods. It blends historic pre-war architecture with modern mixed-use projects, creating a unique balance between heritage and innovation. The neighborhood’s combination of local charm, creative industries, and accessibility keeps driving new waves of investment.

Neighborhood Highlights:

• Cultural Energy: Home to the Museum of the Moving Image, Kaufman Astoria Studios, and an eclectic arts scene.
• Accessibility: Direct connections to Midtown Manhattan via N and W subway lines, with easy access to bridges and expressways.
• Community Appeal: Family-friendly streetscapes with classic architecture and new developments.
• Lifestyle: Scenic waterfronts, open spaces at Astoria Park, and vibrant dining and shopping options.

In-Depth Market Overview: Why Investors Choose Astoria

Astoria’s real estate momentum continues to accelerate, driven by strong fundamentals and consistent absorption across asset types. The 21st Street corridor has evolved into a key development artery, linking traditional retail with modern residential mid-rises.

Market Strengths:

• Vibrant Commercial Core: 21st Street connects emerging retail and residential hubs.
• Sustained Demand: Low vacancy rates and robust rental absorption reinforce stability.
• Enduring Value: Astoria consistently delivers strong appreciation and occupancy levels across commercial and residential sectors.

Conclusion: A Cornerstone Transaction for Queens’ Development Landscape

The successful sale of 27-40 21st Street reinforces Astoria’s position as a premier destination for mixed-use investment in New York City. Bob’s deep market knowledge and targeted marketing strategies enabled a transaction that achieved optimal results for both buyer and seller.

This deal exemplifies Bob’s ongoing success in unlocking value across New York’s most competitive real estate markets, particularly in emerging submarkets with long-term growth potential.

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Frequently Asked Questions About 27-40 21st Street and the Astoria Market

Q1: What type of property was sold at 27-40 21st Street?

The property is a commercial development site with 25,000 buildable square feet, allowing for commercial, retail, or mixed-use residential construction. It represents a rare large-scale opportunity in Astoria’s active development corridor.

Q2: What was the sale price and how does it compare to market averages?

The property sold for $2,100,000, or $84 per buildable square foot. At the time of sale, this valuation reflected strong investor confidence and competitive pricing relative to other Queens development sites.

Q3: Why is Astoria considered an attractive area for real estate investment?

Astoria’s combination of proximity to Manhattan, cultural vitality, and steady population growth makes it one of New York City’s most desirable submarkets. It offers lower entry costs than Manhattan but similar long-term appreciation potential.

Q4: What are the zoning and development possibilities for 27-40 21st Street?

The property’s zoning allows commercial or mixed-use projects, with flexibility for developers to include ground-floor retail, office space, or multi-family residential units depending on market demand and planning goals.

Q5: How accessible is 27-40 21st Street to major transportation hubs?

The property is minutes from Midtown Manhattan via the RFK Bridge, and serviced by multiple subway lines (N, W) and bus routes. Its location also provides easy access to Long Island City, LaGuardia Airport, and Grand Central Parkway.

Q6: What current trends are shaping development in Astoria, Queens?

Developers are focusing on mid-rise, mixed-use projects catering to young professionals and families. Demand is driven by affordable rents, neighborhood charm, and ongoing public and private investments in infrastructure and amenities.

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