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Hide yo’ kids, hide yo’ wife, developers are taking over

By Ilija Sekulovski

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Are you really surprised we have another story about developers buying up space in Astoria? This time it’s Studio Square. BUT WAIT, DON’T WORRY. THE BEER GARDEN IS STAYING.

Now that we’ve all let out a sigh of relief, let’s get to the numbers. The building – located at at 35-37 36th St – sold for a whopping $30 MILLION. Let’s put that in perspective: the last time the property sold, it went for just $13.7 million – the price has nearly doubled since the opening of the beer garden – so it’s not surprise the developers want to keep it as is.

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Speaking of developers, the group that bought the space is the Emmes Asset Management, who made the deal for one of their pension fund clients. Supposedly, the top floors are going to be converted from event space, which include 10,000 square feet of event space and private terraces that are used for weddings, bar mitzvahs and corporate parties, to a shared co-working space for tenants. The group is aiming to make the collaborative space available for tech start up companies – and we’ve been seeing a lot of new collaborative working spaces pop up in Astoria lately. 

What do you think? Are you glad the beer garden will remain? What do you think of the idea of collaborative working spaces? Going to miss the event space? Let us hear it!

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