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Stephen R. Preuss Ripco

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, QueensAcquired 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. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
  • ◦Development
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