ASTORIA— A Burger King property in Astoria has sold for $20 million, ending nearly 45 years of ownership and opening the door to a potential large-scale redevelopment.
Amara Astoria LLC purchased the 20,316-square-foot property at 33-10 Astoria Blvd., between Hoyt Avenue South and 34th Street, according to Crain's reporting.
The buyer secured a $12 million loan from Ponce Bank as part of the acquisition. Quan Lin signed the purchase documents on behalf of the buyer, records show.
Stage Coach Associates LLC sold the property, which it had owned since 1981.
Peter Vallone, a former New York City Council member who served from 1979 to 2001, signed the sale documents for the company.
Vallone also served as the council's speaker and majority leader.
A one-story Burger King currently occupies 4,473 square feet of the property. The fast-food restaurant has operated at the site since at least 2007.
Marketing materials from commercial real estate website LoopNet indicate the site could support nearly 97,000 square feet of mixed-use space, potentially combining residential, commercial or office uses.
Blue Brick Real Estate, an Astoria brokerage, listed the property for $20.5 million in March. The final sale price came in $500,000 below the asking price.
A rendering on the property's CoStar profile depicts a modern, nine-story building with office space and a wraparound outdoor terrace on a middle floor.
No public records confirm the new owner's plans, and no construction permits had been filed for the property at the time of the sale announcement.
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