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Cape Advisors buys Astoria development site at 30-77 Vernon Boulevard

Mack Real Estate provided the acquisition financing

Rendering of 30-77 Vernon Boulevard (Credit: Cape Advisors)

Cape Advisors and Wainbridge Capital have closed on the development site at 30-77 Vernon Boulevard from Shibber Khan’s Criterion Group for $85 million, according to TRD. The site is located on the Astoria waterfront and allows for the construction of around 522,132 square feet.

Financing Details: Mack Real Estate provided a $65 million bridge loan, which has an 18-month term with extension options. At $162 per buildable foot, Cape will build rentals.

Worth Noting: Slate Property Group paid $222 per buildable foot for a nearby development site at 37-11 30th Street where they plan to build a 200-unit rental. 

Flashback: Criterion paid $57 million for the site in 2014 from Vernon Realty Associates. Job well done!

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