Assignments

Boutique Astoria Development Site - 8,171 BSF AS-OF-RIGHT

33-10 28th Avenue, Astoria, NY 11103

33-10 28th Avenue, Astoria, NY 11103

under contract

Asking
Sale Price
$
2100000

Property Details

Status
For Sale
Property Type
Residential Development Site
Price Summary
$
2100000
Sale Price
$
Buildable SF
8171
Building SF
8171
LOT SF
8171
Cap RATE
%
Zoning
R6A

Highlights

- 27.21’x100.1’ Lot Zoned R6A. 8,171 BSF.

- Located 2 blocks from the N/W Subway stop at 30th Avenue/31st Street and 1 block from the prime retail corridor.

- Semi-Detached Building reducing the cost of the demolition.

- No lot line windows on either side, expediting the construction process.

- Waived parking requirements due to the location in a transit zone.

- Thriving pocket of Astoria with condos exceeding $1,300/SF and rentals exceeding $70/SF.

Property DEscription

Landair Advisors has been retained to arrangethe sale of 33-10 28th Avenue, a 2,723 Sq. Ft. boutique development site in aprime high-density Astoria location with tremendous residential supplyconstraints. Developers will benefit from the R6A zoning by being able to buildan as-of-right 8,171 Sq. Ft. mixed-use building with (10) units. New development condo sales in the area exceed $1,200 PSF. Direct comparables showresidential rents inexcess of $70 PSF.

The lot has 27.21' of frontage and 100.1' of depth. The rectangular lot size will create efficient floorplates in the future building. Developers will also benefit from low carrying costs during the entitlement process with $8,693 in taxes per year. Furthermore, demolition should be minimal due to the size of the current building (1,800 Sq. Ft.) A month-to-month tenant is on the 2nd floor, and a 5-year lease is in place for the restaurant on the first floor. A demolition clause is in place.

33-10 28th Avenue is located .2 miles from the 30th Avenue subway stop which provides access to Manhattan in under 20 minutes, and to Long Island City in under 10minutes. The property also benefits from close proximity to high-traffic retail thorough fares including 30th Avenue, 31st Street, and Astoria Boulevard, Steinway Street, and Ditmars Boulevard. This property represents a perfect opportunity for a developer to take advantage of Astoria’s exploding growth and popularity as well as it's thriving condo market.

Map

Alexandre Goulet
Partner
(212) 920-7658
ag@landairnyc.com

Documents

Offering Memorandum
Data Room

Request MOre info

Thank you - your request has been received!
Oops! Something went wrong while submitting the form.

Share to social