Vaja Group Acquires Astoria Development Site for $26.39 Million, Plans 108-Unit Mixed-Use Project

Vaja Group, led by Moses Freund, has acquired a significant development site at 24-41 31st Street in Astoria, Queens, for $26.39 million. The 29,638-square-foot parcel, formerly a Staples retail building, offers nearly 150,000 buildable square feet. Plans for the site include a 108-unit mixed-use development, complemented by 14,000 square feet of retail space and dedicated parking.

This acquisition marks another strategic move for Vaja Group along Astoria's 31st Street corridor, following their 2025 purchase of the adjacent Neptune Diner site for $11 million. Both transactions capitalize on New York City's 2022 31st Street–Hoyt Avenue rezoning initiative, which transformed the area into a viable mixed-use development zone. IPRG's Donal Flaherty represented Vaja Group in the transaction, while Evan Daniel of Modern Spaces represented the seller, 2441 Astoria Associates.

The rezoning has created opportunities for developers to assemble larger parcels, enabling projects with substantial scale in a previously constrained market. For developers and investors, this deal underscores the ongoing potential for large-scale residential and retail projects in rezoned areas of New York City.