A real estate developer has bought a warehouse building on Vernon Boulevard (pictured) for $25 million, city records show. The warehouse is expected to be demolished and a condo tower is likely to replace it (GMaps)
Aug. 31, 2022 By Christian Murray
A large warehouse building on Vernon Boulevard is likely to face the wrecking ball and be replaced by a condo development.
The property, located at 30-55 Vernon Blvd., is currently home to a 2-story 1960s warehouse and was recently bought by Sunlight Development, a Brooklyn-based construction company, for $25 million. The site is one of the last large scale development parcels left on the Astoria waterfront.
The site, which covers an entire block between 30th Drive and 30th Road, is located near the Astoria ferry terminal and is surrounded by a number of new developments.
The deal was brokered by RIPCO Real Estate and closed Aug. 25. The transaction represented a handsome payday for the sellers Pioneer Property Group and Vernon-Sutton Inc. They purchased the site in 2013 for $8.2 million, city records show.
Stephen Preuss, vice chairman of investment sales for RIPCO, said that Sunlight plans to construct a condo development that could be up to 91,000 square feet. However, he is unsure as to what the exact plans entail.
Preuss said that many developers now favor building condos as opposed to rentals—since the expiration of the 421-tax abatement program in June. The program provided handsome real estate tax benefits to developers of rental buildings in designated areas such as western Queens. The program, however, excluded luxury condo buildings.
“With the lack of the 421-A tax abatement in NYC, developers are focusing on project sites that can be built for condominium projects,” Preuss said. “The sale of 30-55 Vernon Boulevard is an example of a trend the outer boroughs are currently seeing.”
Building plans and demolition permits have yet to be filed.
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