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Silverstein Properties Wants Some Astoria Action; In Contract to Buy 6 Parcels

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The half-dozen properties Larry Silverstein’s firm has signed deals with are in addition to seven properties he already controls through a long-term ground lease with Queensboro Farm Products, which was signed in May of last year. Photo Credit: Shutterstock

Parcels in Astoria are being purchased by Silverstein Properties, according to Crain’s. The company will buy six spots on total, which will be located near Steinway Street and 35th Avenue, and it spans about three blocks. The area has commercial and industrial happenings.

The additions come on top of the company’s seven spots it had prior to the deal that it operates by use of a long-term ground lease with Queensboro Farm, Crain’s reports, adding the deal happened last May. The contracts for these most recent parcels came in December and last month, although no contracts had listed purchase prices or closing dates, making it hard to tell exactly what’s happening.

One of the deals the company did was between Silverstein and a plumbing supply distributor in the area because Mayer Malbin bought about $23 million worth of property in Woodside. Another deal happened with Premier Equities, giving Silverstein some properties on Northern Boulevard. This land was acquired for just under $9 million in 2014 for the purpose of selling cars and motorcycles, and now the space will be used for Silverstein’s businesses.

Another contract that got him parcels came from Alfess Realty and a couple buildings next to each other. Home Art Tile Kitchen & Bath occupy the space now. The buildings are located at 35-10 43rd Street and 35-18 43rd Street, according to Crain’s.

Silverstein is buying up a lot of space in the area, which leads some to be concerned that the company could control too much and go unchallenged by any competitors. It also indicates, according to Crain’s, that real estate is open to the risks of large developments rather than something like multi-family housing. Rezoning could become an issue too if certain properties are planned to be built, and that could lead to all sorts of neighborhood infighting.

Silverstein takes up two full blocks in Astoria and even some more space than that, but one of his spots could benefit from a change in the zoning laws, which would allow him to build bigger and higher. There are still no exact indications though of exactly what Silverstein will do with each individual land parcel and how it will all come together. A developer could help him out, named Quadriand Realty Partners, which could help bring more housing to these developments if done correctly. As of now, no rezoning applications have been submitted, according to Crain’s, which checked in with someone speaking on behalf of the Department of City Planning.

Silverstein Properties isn’t just making splashes in Queens. Last summer, it got financing for one of the largest investment-sales deals of the year.

Deutsche Bank agreed to loan $800 million in financing toward a project for the current ABC headquarters, which totals $1 billion and is near Lincoln Center and WNET.

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