Development Site Advisors successfully facilitated the $21 million all-cash sale of The Rowan II, a prime Astoria property located in a Qualified Opportunity Zone. FBL Development acquired the 4-lot site from RockFarmer Properties, with potential for a luxury condo building on its 18,756 square feet area. Ponce Bank provided financing through a land acquisition loan to support this transformative project.
According to Rubin Isak, co-founder of Development Site Advisors and an expert in the field, this sales price translates to $321 per ZFA (zoning floor area), making it one of the highest prices ever achieved for a development site in Astoria. This reflects strong optimism for both the overall market and specifically Astoria’s future prospects.
