A waterfront development site in Astoria has sold for $26.5 million to 101 Leonard Street co-developer Boris Aronov after being listed for $80 million. The reason for the massive pricechop: the site's owners, a lumber company, failed to get the zoning changed from commercial to residential, a lengthy and costly process that will now have to be undertaken by Aronov and co. [The Real Deal]
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