Landair Advisors (“Landair”) has been hired as exclusive agent to arrange the
sale of 38-20 32nd Street (“The Property”). This presents a rare opportunity to
acquire a fully approved, shovel-ready development site in the rapidly evolving
Dutch Kills section of Long Island City. The property consists of a 6,840 square
foot lot with 76 feet of frontage along 32nd Street and is zoned M1-3/R7X,
allowing for a total residential buildable area of 41,027 square feet, inclusive of
purchased air rights. Approved plans call for a 55-unit, 100% market-rate
residential building spanning approximately 56,616 gross square feet, with a
well-balanced unit mix of studios, one-bedroom, and two-bedroom
apartments. The project also includes 16 on-site parking spaces at grade, a
highly desirable amenity in this submarket.
With full approvals in place, the site offers developers the ability to
immediately commence construction without the timing and risk associated
with the entitlement process. Positioned in one of Queens’ most active
residential corridors, the property benefits from strong underlying
fundamentals, continued neighborhood investment, and proximity to major
transportation hubs, making it an ideal opportunity to deliver a high-quality
residential asset in a supply-constrained market