Silverstein Properties pays $39.8M to Major World owner for Astoria dev parcels

Silverstein Properties through the entity 44-01 Northern Owner, LLC paid $39.8 million to the Bendell family through the entity 34-20 45th Street, L.L.C. for the development parcels (G1) at 34-20 45th Street, 44-01 Northern Boulevard and 44-33 Northern Boulevard in Astoria, Queens.
The deal closed on November 2, 2021 and was recorded on December 2, 2021.
Silverstein signed the contract in 2020, as PincusCo reported at the time.
Silverstein filed plans for a 354-unit, 427,832 square-foot R-2 on October 19, 2021.
The three properties have 50,076 square feet of built space and 152,856 square feet of additional air rights for a total buildable of 203,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $793 and the price per buildable square foot is $195 per the PincusCo analysis. The price per square foot of the development as planned is $93 per square foot. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Major World was Bruce Bendell, Lauren Bendell, Harold Bendell, and Anne Bendell. The signatory for Silverstein Properties was Michael Levy.

Within a 400-foot radius of 44-01 Northern Boulevard, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which AB Capstone borrowed $26.5 million from Lightstone Capital secured by the 45,448-square-foot, seven-unit industrial (F9) on 45-01 Northern Boulevard and one other property on November 22, 2021.

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