Success Story
Astoria Family-Owned Lot
From Vacant Lot to Fully-Leased
In 2014, Treeline acquired a vacant land site along 31st Street near Broadway in Astoria, Queens, that had never been developed due to a long, complicated history of family ownership. After a very intricate negotiation requiring flexibility and creativity, Treeline was able to get the family members, many of whom had different interests for the property, to come to the table and close tge deal.
We partnered with a well-known local construction firm and engaged in a design process where the context of the property next to the elevated train was strongly considered. Together, we developed an innovative design to minimize noise disruption within the building with roof decks above the elevated train line, providing residents with unobstructed views of the NYC skyline.
What We Did
Acquisitions
Development
Leasing
By The Numbers
18
Months from design to construction completion
114
Residential units were leased at market rate within 9 months
2x
equity multiple upon sale in 2018
Challenge
- Acquired off market vacant land site in Astoria, Queens next to the elevated train station that had never developed due to long-standing family ownership
- Each member of the family, as well as the other stakeholders, had differing interests
- The location of the property (next to the elevated train) presented complex design considerations and concerns about noise disruption
Solution
- Navigated an intricate negotiation to mediate the interests of all stakeholders, ultimately building trust and comfort with our partners
- Partnered with a well-known construction firm to execute an innovative design that minimizes noise disruption and provides unobstructed views of NYC skyline
- Leased more than 100 residential units within nine months of project completion
