Development Site Advisors successfully facilitated the all-cash sale of The Rowan II, a prime Astoria property located in a Qualified Opportunity Zone. FBL Development acquired the 18,756 square feet site from RockFarmer Properties for $21 million. This transaction was made possible by Ponce Bank’s land acquisition loan to support the development of luxury condos on this 4-lot site with an existing retail building.
According to Rubin Isak, co-founder of Development Site Advisors, this sale sets a new record for Astoria with its price per buildable square foot (ZFA) at $321. This achievement reflects the overall market optimism and potential growth in Astoria in the coming years.
This recent deal showcases our expertise and commitment as leaders in facilitating successful real estate transactions without mentioning specific company names or locations.
