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RIPCO Closes Sale of Large-Scale Parcel on Astoria Waterfront
RIPCO Real Estate recently arranged the $25-million sale of 30-55 Vernon Blvd. in Astoria, Queens. Acquired by Lin Zhong from Pioneer Property Group LLC, Vernon 298 LLC and T Vernon Realty LLC, the 91,000-square-foot property is one of the last larger-scale development parcels on the Astoria waterfront.
RIPCO’s Stephen R. Preuss, Andreas Efthymiou, Kevin Schmitz and Kevin Louie handled the transaction. “With the lack of the 421-A tax abatement in NYC, developers are focusing on project sites that can be built for condominium projects,” said Preuss. “The sale of 30-55 Vernon Blvd. is an example of a trend the outer boroughs are currently seeing, which is a limited number of neighborhoods where condominium projects are driving interest and pricing.
“As a product of a partnership dissolvement, we were able to aggressively market this sale, which led to achieving similar pricing of what the market was several years ago,” he added.
- ◦Sale/Acquisition
- ◦Development

