Astoria Plaza Sold!

Astoria Plaza, which was the former Astoria theater, has sold for a whopping $32 MILLION! The building is located on a busy intersection on Steinway Street.

Photo courtesy of Massey Knakal

Photo courtesy of Massey Knakal

Currently, the building is home to Duane Reade, Chase, and New York Sports Club. According to the Queens Courier, the transaction was handled by Realty Service Massey Knackal.

Clearly, the Manhattan market for buildings is quickly becoming unattainable – and it looks like Astoria is headed in the same direction. While $32 million seems like an exorbitant amount, its easily out shined by the prices of buildings currently on sale in Manhattan – so it looks like realtors and developers are headed over the water into Astoria to expand.

The building takes up an entire block, so we’re wondering what it could be turned into. Most profitable would be apartments, of course – do you think we need more apartments around Steinway? Rent would seemingly be extremely high in a new complex, and Astorians don’t seem to be too keen on new luxury apartments – as we’ve shown by the repeated shooting down of the Astoria Cove project proposals. Maybe more retail? We’re interested to see the direction it goes in.