Assignments

Fully Approved Development Site - 41K Buildable | 100% Market Rate

38-20 32nd Street, Long Island City, NY 11101

38-20 32nd Street, Long Island City, NY 11101

under contract

Asking
Sale Price
$
16400000

Property Details

Status
For Sale
Property Type
Residential Development Site
Price Summary
$
16400000
Sale Price
$
Buildable SF
41027
Building SF
41027
LOT SF
41027
Cap RATE
%
Zoning
M1-3/R7X, LIC

Highlights

  • Prime development site measuring 6,840 sq. ft.
  • Lot dimensions of 76x90. Zoned M1-3/R7X, LIC.
  • Owner Purchased Market Rate Air Rights from Neighbor.
  • Total ZFA of 41,027. (55) Units. 100% Market Rate.
  • Approved Plans Comprised of (8) Studios, (35) 1BRs, (12) 2BRs.
  • Plans call for 16 Parking Spaces on the Ground Floor.

Property DEscription

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

Map

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

Documents

Offering Memorandum
Data Room

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