An Astoria waterfront development site has traded for $26.5 million.
Boris Aronov, who is co-developing Tribeca’s 101 Leonard Street, bought the 160,000-square-foot lot at 3-15 26th Avenue, The Real Deal reported.
The four-acre lot, formerly a lumber yard, went on the market in 2012 with an asking price of $80 million.
Why the significant difference between the asking and the actual selling price? The property was marketed as a prime residential development site, but it’s still zoned for manufacturing. Le Noble Lumber Company, which has owned the site since 1984, sold it “as-is,” rather than getting a zoning variance, Avison Young’s Jon Epstein told The Real Deal. Epstein and Arthur Mirante represented the seller.
In order for the location to sustain a residential development, the city would have to make some infrastructure upgrades, such as connecting the main road and sewage, a source familiar with the transaction told The Real Deal. Le Noble was reportedly in talks with a major movie studio to use the land, but the site was too small.