Description

Mixed-Use Development Opportunity. Introducing an extraordinary development opportunity in Astoria, NY, 11103. This prime corner lot, strategically located on the northeast corner of 42nd and 28th Ave in the neighborhood of Astoria, offers immense potential for experienced developers. The property is zoned R6 A, R5, C1-2 with a Zoning FAR of 47, 100 square feet. About the Development Project: The impressive Lot size is approx.14, 725 square feet Lot allowing a project for approximately 67, 861 total buildable square feet for Residential & Commercial development. The Complete Plans Building offers a total of 60 Units divided as follows: approx. 4, 486 Sf Commercial Space and approx. 42, 600 Sf 45 market rate Rental Units and 15 MIH units. Plus approx. 8, 240 Sf for 28 Parking Spaces. This project has the benefit of: - Affordable New York 35-year real estate tax abatement - 421A Footing Documented. - Complete Plans Available & Survey. - Demolition Completed and Signed-Off. - SOE Complete. About the location: Astoria’s vibrant community, rich cultural scene, and thriving local businesses make it a highly sought-after destination. The property’s strategic corner location, close to the commercial Steinway St. and trafficked Astoria Blvd., offers excellent visibility and accessibility, attracting a substantial volume of foot traffic. This location offer direct access to Midtown Manhattan in under 30 minutes; being adjacent to multiple transportation options, including the N & W subway lines and bus lines, further enhances its appeal. Astoria is currently riding a wave of growth, generating a burgeoning demand for choice retail spaces, top-tier medical offices, trendy residential buildings & upscale amenities. Nestled in the heart of this vibrant area, our premier development site is optimally located to cater to Astoria’s escalating needs. Taking advantage of the area’s premium retail rentals, and the continued demand for condos priced above $1, 000 PSF, and the market’s insatiable appetite for high-priced rental apartments, this property presents an excellent investment opportunity to join Astoria’s progressive trajectory and continue to shape the district’s transformation. Featured Commercial Sales., Additional information: Rental Income:Y