Mortar Group closes on the acquisition of a new development site in Astoria, Queens

Mortar is pleased to announce the closing on a new development site in the Queens waterfront district of Hallett’s Cove.

Mortar Group, a New York-based Real-Estate Development Firm, announced that it has closed on the acquisition of a new site at 11-32 31st Avenue, in the rapidly growing Queens waterfront district of Hallett’s Cove.

Located at Astoria, New York – construction on the new building will begin Summer 2021 and will become the home to a new 8 story – 29 Unit, 32,000 SF residential development. Astoria is one of the fastest-growing neighbourhoods in New York because of its proximity to transportation, excellent schools, great restaurants and bars, waterfront parks and close proximity to Manhattan.

In recent years, Mortar has worked on many successfully completed real estate projects in the New York City area. Most recently, in 2021, the Architect + Development team completed several boutique developments, namely, 422 West 49th Street in Hell’s Kitchen, Manhattan, as well as 33 Frost Street Street and 91 Diamond Street in Brooklyn.

Mr. Morena added, “Emerging from the Covid Pandemic – we have been focused on working in established and premier neighbourhoods like Astoria. We develop in locations we understand extremely well – we have watched this area grow and thrive, and are excited to be part of its continued growth”.

About Mortar:
Mortar Group represents a premier real estate development and asset management firm with over 50 years of collective experience and expertise in construction, real estate development, and investments – having successfully completed over two dozen real estate projects in New York City. Mortar is a vertically integrated firm with completed assets valued over $225 Million, and over 200 active investors participating in their projects, establishing them as an expert in their market.

Mortar has a unique niche in a highly competitive market: creating value for both residents and investors through a vertically integrated firm that is both architect and developer as well as asset manager. The firm model allows Mortar to maximize efficiency and value across several sectors that most developers or asset managers either do not have sufficient experience with, or have direct access to.

Contact Author

ANTHONY MORENA
Mortar Capital Management
+1 6465599471 Ext: 101