Blue Mountain Capital, LLC paid $8.2 million to buy the development site at 11-35 31st Dr. in the Astoria neighborhood of Queens. The site is zoned to allow the development of 33,982 square feet of residential space, which works out to a price of $241-per-buildable-square-foot.

“As demand for residential development continues to rise in Astoria, the buyer has made an exceptional investment,” said Stephen R. Preuss of Cushman & Wakefield, who with Andreas Efthymiou represented the seller, Kenneth Trading Corp., in the transaction.

The site is currently occupied per a 10,000-square-foot warehouse, currently net leased through 2019 to a single tenant.

For comments, questions or concerns, please contact our New York commercial real estate editor Bendix Anderson