Vaja Group, led by developer Moses Freund, is acquiring a development site at 24-41 31st Street in Astoria, Queens for $26.39 million. The property, a one-story former Staples retail building spanning 29,638 square feet, offers nearly 150,000 buildable square feet of development potential.
The transaction represents Freund's continued investment in the 31st Street corridor, a stretch in Astoria that has emerged as a prime development zone in Queens. Broker IPRG handled the deal, which closes Friday.
The location sits in one of Queens' most active commercial corridors. Astoria's 31st Street has attracted multiple developers pursuing mixed-use and residential projects as the neighborhood experiences growing demand from renters and buyers seeking more affordable alternatives to Manhattan and Brooklyn. The buildable square footage on this site positions it for a substantial vertical development, likely incorporating residential units, retail space, or both.
For sellers, this deal signals continued investor appetite for Astoria development parcels despite broader market headwinds. The $26.39 million price reflects confidence in the neighborhood's trajectory and development potential. For Vaja Group, the acquisition expands its Queens footprint and provides another opportunity to capitalize on zoning allowances and community demand for new housing stock.
For future residents and tenants, the project could add housing options to a neighborhood experiencing upward pressure on rents. Astoria remains more affordable than comparable neighborhoods in Brooklyn and Manhattan, though prices have climbed steadily over the past decade. New development often introduces market-rate units alongside potential affordable housing components, depending on city incentives and the developer's plans.
The 150,000 buildable square feet offers substantial development capacity. Depending on zoning allowances and the final design, Vaja Group could construct a mid-rise or high-rise building. Current zoning in parts of Astoria permits developments reaching 12 stories or higher, though specific allowances vary by block.
Vaja Group's track record in Queens includes multiple residential projects and mixed-use developments. Freund's firm has positioned itself as an active player in emerging neighborhoods throughout the outer boroughs, particularly in Queens where land prices remain lower than Brooklyn and where zoning permits substantial residential density.
The acquisition happens amid broader shifts in Queens real estate. While office space faces headwinds, residential development and conversion projects continue attracting capital. Developers view outer-borough neighborhoods like Astoria as long-term growth plays where demographic trends, transit access, and lower acquisition costs create viable development economics.
The 31st Street corridor specifically has benefited from improved transit connectivity, including the N and W subway lines, which provide direct service to Manhattan. This accessibility drives demand from commuters and young professionals seeking neighborhood amenities without Manhattan housing costs.
Timeline and specifics on Vaja Group's plans for the site remain unclear from available information. Developers typically require several months for design finalization and city approval processes before commencing vertical construction. The company's acquisition of adjacent or nearby parcels in recent transactions suggests a potential for larger-scale development that could reshape this particular block.