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Silverstein Properties inks ground-lease on Astoria development site

Site allows for the development of more than 1.5M SF

Silverstein Properties has acquired the ground-lease on a massive Astoria development site owned by Queensboro Farm Products. The seven-parcel site is located between Steinway Street and 42nd Street as reported in the Astoria Post in March. TRD reported the deal has now closed.

Addresses: 35-19 Steinway Street; 42-08 35th Street; 35-13 41st Street; 35-02, 35-22, 35-28, 35-17 42nd Street.

What should you expect: Since the site is zoned M1-1, Silverstein will either develop offices, hotels, or retail. Expect some sort of combination. The site allows for the development of more than 1.5 million SF.

Worth reading the press: Earlier this October, CEO Marty Burger said that the company was looking for a major project in the outer boroughs.

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