Stellar Management and AKI Development Acquire Queens OZ Dev Site
The New York City-based operators paid $5 million for the development site.
NEW YORK CITY – Stellar Management, a New York City-based real estate operator specializing in multifamily, has teamed up with AKI Development, a real estate investment management firm, to buy a new development site in Astoria, Queens situated in an opportunity zone. The purchase price was $5 million.
“Coming off the success of our ground-up development at OTTO Greenpoint, we look forward to breaking ground on this project with the AKI Development team,” said Adam Roman, a principal and the COO of Stellar Management, in a prepared statement. “AKI has close ties to the Astoria community and a proven track record that includes six developments in the market.”
The 6,775-square-foot development site is located at 35-01 36th St. Upon completion, the retail and office building will have ten floors, a community facility and parking, totaling 55,000 square feet. Floorplates for the Class-A, the mixed-used property will range from 3,000 square feet to 8,000 square feet.