Back to all insights IPRG REPRESENTS THE VAJA GROUP IN $26.4M ACQUISITION OF FULLY ENTITLED ASTORIA DEVELOPMENT SITE
ASTORIA, QUEENS – Sept.16, 2026 – Investment Property Realty Group (IPRG), a leading New York-based commercial investment firm, arranged The Vaja Group’s $26.39 million acquisition of 24-41 31st Street, a fully entitled development site in Astoria.
The 29,638 square foot site traded for approximately $176 per buildable square foot.
Donal Flaherty, Partner at IPRG, represented the buyer. Evan Daniel of Modern Spaces’ Commercial Division represented the seller.
The property offers approximately 149,733 buildable square feet as of right for a mixed-use development and more than 443 feet of wraparound frontage along 31st Street, 24th Road and 32nd Street. Zoned C4-5X/C4-4/R5B following the 31st Street–Hoyt Avenue rezoning, the site sits one block from the Astoria Boulevard N/W subway station.
The rezoning enabled a new mixed-use corridor along 31st Street and allows for ground-floor retail, community facility space, and permanently affordable housing delivered under the city’s Mandatory Inclusionary Housing program. The entitlements at 24-41 31st Street support a 108-unit mixed-use development opportunity with approximately 14,000 square feet of retail space and parking.
The acquisition expands The Vaja Group’s holdings along the corridor. Flaherty also represented the developer in its acquisition of the adjacent Neptune Diner last year, giving The Vaja Group control of contiguous, entitled frontage across one of Astoria’s most visible stretches of 31st Street.
The transaction comes amid increased investment activity in Queens. Borough-wide investment sales totaled approximately $2.6 billion during the first half of 2026, up 49% year over year. Development site transaction volume increased 161%, while average pricing was approximately $203 per buildable square foot.
“Scale is the hardest thing to find in Astoria. You can buy a lot, but you can’t buy a full block with 443 feet of frontage and entitlements already in hand,” said Donal Flaherty, Partner at IPRG. “Vaja understood that immediately and moved decisively. Between this site and the Neptune parcel, they now control a stretch of 31st Street that will define the corridor for the next twenty years.”
Founded in 2016, IPRG (Investment Property Realty Group) is a broker-owned commercial real estate brokerage specializing in investment sales, retail leasing, and property management across New York City and New Jersey. The firm focuses on the sale of multifamily properties, mixed use buildings, development sites, retail assets, and other commercial investment properties. Since its founding, IPRG has completed more than $4 billion in commercial real estate transactions, making it one of the most active investment sales firms in the New York metropolitan area. Through its market expertise, data driven approach, and collaborative platform, IPRG helps investors, developers, property owners, and institutions maximize the value of their commercial real estate assets. For more information, visit www.iprg.com.