Featured Development Site Advisors® Development Site Sale - $21,000,000

Development Site Advisors® exclusively represented the seller in the sale of 2101-2119 31st Street in Astoria, Queens NY in an all-cash transaction valued at $21,000,000. We were the sole brokers in this transaction. The purchaser is a Flushing, Queens based developer.

The site is a corner, 4-Lot Assemblage, 189’ x 100’, 9-Unit Vacant Retail Building, in an R6A/C1-3 Zoning District; allowing a developer to construct a 6-Story, 65,417 ZFA Luxury Mixed-Use Condominium Project, connecting to the famed “Rowan” Condo project which recently broke every sale record in Astoria.

The sale price equated to $321/ZFA. A record number for a site of this size in the area.

Recent Development Site Transactions over $10M:

Manhattan Spotlight: 7 Recent New Building Filings:

These 7 filings in Manhattan over the last 2-weeks have accounted for 1,111,820 ZFA & 825 Apartments and 512 Hotel Rooms.

1. 88 White Street, Chinatown in Manhattan - Plans filed to build a 43,471 ZFA 13-Story, 32 Unit Apartment Building.
2. 504 W 48th Street, Hell’s Kitchen in Manhattan - Plans filed to build a 131,720 ZFA, 8-Story, 158-Unit Apartment Building
3. 201 W 54th Street, Times Square, Manhattan - Plans filed to build a 179,812 ZFA, 40-Story, 512 Room Hotel + Retail Commercial Building.
4. 300 E 50th Street, Turtle Bay, Manhattan- Plans filed to build a 165,226 ZFA, 23-Story, 194-Unit Apartment Building.
5. 729 2nd Avenue, Murray Hill, Manhattan- Plans filed to build a 128,983 ZFA, 20-Story, 157-Unit Apartment Building.
6. 255 E 77th Street, Upper East Side, Manhattan- Plans filed to build a 189,195 ZFA, 33-Story, 62-Unit Apartment Building.
7. 4650 Broadway, Washington Heights, N. Manhattan - Plans filed to build a 273,413 ZFA, 20-Story, 222-Unit Apartment Building.

Financial Markets Summary:

• The Federal Prime Rate is steady at 8.5%.
• The Secured Overnight Financing Rate (SOFR) is 5.32%
• The United States Federal Funds Rate is at 5.5%. (The fed just kept rates steady on the Nov 1st meeting for the 2nd consecutive month. I am forecasting this to rise to 5.75% by the end of this year at the December 13th final meeting of the year. )
• United States Annual Inflation Rate: The current inflation rate has now ticked upwards to 3.7% up from 3.67%. The next reading is upcoming next week on Nov 14, 2023.
• The US 1-Year Treasury Rate is  now at 5.29%, after hovering at around 5.5% last month.
• The US 10-Year Treasury Rate is now trending downwards at 4.57%, from a 16-year high of 4.98% on Oct 19th.
• Mortgage Rates: the 30-Year Fixed Rate has trended downwards in recent days, standing at 7.38% on the daily rate, down from hitting 7.92% on October 30th and the 15-Year Fixed Rate is dropped to 6.75% after hitting 7.27% at the end of October.