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New York & Tri-State  + Outer  + Industrial  |  November 15, 2023
Emily Fu
By: Emily Fu

Queens Development Site Sold for $21M 

Development Site Advisors facilitated the $21 million all-cash sale of The Rowan II, an Astoria site in a Qualified Opportunity Zone, to FBL Development from RockFarmer Properties.  

The property, a 4-lot, 18,756 square feet site with an existing retail building, offers potential for a luxury condo building. Ponce Bank provided the purchasers with a land acquisition loan for this transformative project.  

“The sales price equates to $321/ZFA, one of the highest prices achieved for a development site in Astoria, which reflects the general optimism for the overall market and Astoria in the years ahead,” said Rubin Isak, Development Site Advisors’ co-founder. 

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Inside The Story

Rubin Isak

About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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