Silverstein Properties purchases 44-01 Northern Boulevard, where an auto-dealership was based.
Oct. 9, 2020 By Christian Murray
Silverstein Properties has bought yet another property in Astoria as it continues its expansion into the area.
The company announced Wednesday that it had bought 44-01 Northern Blvd. on Sept. 29 from a local business. The amount paid was not disclosed.
The real estate company plans to build an 11-story, 310-unit building on the site. The company said 95 units will be “affordable,” all of which will be offered to residents earning 60 percent of the Area Median Income.
The property, which is currently vacant, is two blocks east of the company’s proposed mega development Innovation QNS. That project– which it plans to build with Kaufman Astoria Studios and BedRock Real Estate–would bring 2,700 apartments, a school, as well as retail and office space across five blocks. Silverstein bought many of the lots at the beginning of 2019.
Silverstein, unlike with Innovation QNS, does not need to get the 44-01 Northern Blvd. site rezoned. The site, which was in a manufacturing district, was rezoned last year after getting the support of the city council. The site is in Council Member Jimmy Van Bramer’s district.
44-01 Northern Boulevard (City Planning)
The 2019 rezoning also allowed for approximately 25,000 square feet of retail space on the ground floor and on-site parking spaces.
“We’ve gotten to know so many incredible people in this community over the past several years, and that is why we believe so strongly in Astoria,” said Brian Collins, executive vice president and director of development for Silverstein Properties. “We are excited to bring affordable housing and jobs to Northern Boulevard and to be part of this neighborhood’s bright future.”
Silverstein aims to break ground on the Northern Boulevard site in fall 2021 and complete the project by spring 2024.
