Development Site For Sale - Agorafy
Development Site For Sale 29-24 40th Avenue, Long Island City, NY 11101
Block / Lot:
402 / 32
Location:
40th Avenue and 40th Road Between Northern Boulevard and 29th Street
Property Type:
Development
Lot Size:
11,760
Residential Buildable SF:
44,100 up to 58,800
Commercial Buildable SF:
58,800
(Approx.)
Lot Dimensions:
79.75’ X 231’
(Approx.)
Zoning:
M1-3 / R7X
F.A.R.:
5.0 / 3.75
Existing SF:
19,400
Taxes (14/15):
$44,578
(Approx.)
(Approx.)
Property Description: The subject is a development site located in prime Long Island City, just a block north of Queens Plaza. Favorable zoning allows for 44,100 square feet of residential space to be built on the 11,760 square foot lot. Alternatively you may build 58,800 square feet of residential using the inclusionary housing program (47,040 would be market rate) or as an entirely commercial building. The property benefits from having frontage on both 40th Avenue and 40th Road, and is in the immediate vicinity of seven MTA subway lines (E, M, 7, R, Q, N, G). The upper level of the subject is leased until June 30th, 2017 and is currently paying $9,004 in monthly rent. The subject lies outside of the 421a geographic exclusion area and is eligible for a 15 year tax exemption as well as commercial portions of the property benefitting from ICAP eligibility. This poses an excellent opportunity for a developer looking for a project in the heart of Long Island City. MTA Subway Access:
205 Montague Street, 3rd Floor Brooklyn, NY 11201 T: 718-238-8999 / F: 718-238-6091
275 Madison Avenue, 3rd Floor 118-35 Queens Boulevard, 14 ASKING PRICE: $13,500,000 $12,250,000 New York, NY 10016 Forest Hills, NY 11375 T: 212-696-2500 / F: 212-696-0333
th
Floor
T: 718-275-3400 / F: 718-275-5478
For further information, please contact Exclusive Agents: Mark Lively Senior Vice President of Sales [email protected] (718) 307-6524
Brendan Maddigan Director of Sales [email protected] (718) 307-6507
David Chkheidze Director of Sales [email protected] (718) 512-2620
Conrad Martin Associate [email protected] (212) 696-2500
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.
118-35 Queens Blvd. • 14th Floor • Forest Hills, NY 11375 • 718.275.3400 • Fax 718.275.5478 www.masseyknakal.com THE BRONX
BROOKLYN
MANHATTAN
NASSAU
NEW JERSEY
QUEENS
STATEN ISLAND
WESTCHESTER
Development Site For Sale 29-24 40th Avenue, Long Island City, NY 11101 41-50 24th Street
43-25 Hunter Street
Gotham Center
29-07 Queens Plaza N
205 Montague Street, 3rd Floor Brooklyn, NY 11201 T: 718-238-8999 / F: 718-238-6091
29-32 Northern Boulevard
29-12 40th Avenue
275 Madison Avenue, 3rd Floor 118-35 Queens Boulevard, 14 ASKING PRICE: $13,500,000 $12,250,000 New York, NY 10016 Forest Hills, NY 11375 T: 212-696-2500 / F: 212-696-0333
th
Floor
T: 718-275-3400 / F: 718-275-5478
For further information, please contact Exclusive Agents: Mark Lively Senior Vice President of Sales [email protected] (718) 307-6524
Brendan Maddigan Director of Sales [email protected] (718) 307-6507
David Chkheidze Director of Sales [email protected] (718) 512-2620
Conrad Martin Associate [email protected] (212) 696-2500
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.
118-35 Queens Blvd. • 14th Floor • Forest Hills, NY 11375 • 718.275.3400 • Fax 718.275.5478 www.masseyknakal.com THE BRONX
BROOKLYN
MANHATTAN
NASSAU
NEW JERSEY
QUEENS
STATEN ISLAND
WESTCHESTER
Block / Lot:
402 / 32
Location:
40th Avenue and 40th Road Between Northern Boulevard and 29th Street
Property Type:
Development
Lot Size:
11,760
Residential Buildable SF:
44,100 up to 58,800
Commercial Buildable SF:
58,800
(Approx.)
Lot Dimensions:
79.75’ X 231’
(Approx.)
Zoning:
M1-3 / R7X
F.A.R.:
5.0 / 3.75
Existing SF:
19,400
Taxes (14/15):
$44,578
(Approx.)
(Approx.)
Property Description: The subject is a development site located in prime Long Island City, just a block north of Queens Plaza. Favorable zoning allows for 44,100 square feet of residential space to be built on the 11,760 square foot lot. Alternatively you may build 58,800 square feet of residential using the inclusionary housing program (47,040 would be market rate) or as an entirely commercial building. The property benefits from having frontage on both 40th Avenue and 40th Road, and is in the immediate vicinity of seven MTA subway lines (E, M, 7, R, Q, N, G). The upper level of the subject is leased until June 30th, 2017 and is currently paying $9,004 in monthly rent. The subject lies outside of the 421a geographic exclusion area and is eligible for a 15 year tax exemption as well as commercial portions of the property benefitting from ICAP eligibility. This poses an excellent opportunity for a developer looking for a project in the heart of Long Island City. MTA Subway Access:
205 Montague Street, 3rd Floor Brooklyn, NY 11201 T: 718-238-8999 / F: 718-238-6091
275 Madison Avenue, 3rd Floor 118-35 Queens Boulevard, 14 ASKING PRICE: $13,500,000 $12,250,000 New York, NY 10016 Forest Hills, NY 11375 T: 212-696-2500 / F: 212-696-0333
th
Floor
T: 718-275-3400 / F: 718-275-5478
For further information, please contact Exclusive Agents: Mark Lively Senior Vice President of Sales [email protected] (718) 307-6524
Brendan Maddigan Director of Sales [email protected] (718) 307-6507
David Chkheidze Director of Sales [email protected] (718) 512-2620
Conrad Martin Associate [email protected] (212) 696-2500
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.
118-35 Queens Blvd. • 14th Floor • Forest Hills, NY 11375 • 718.275.3400 • Fax 718.275.5478 www.masseyknakal.com THE BRONX
BROOKLYN
MANHATTAN
NASSAU
NEW JERSEY
QUEENS
STATEN ISLAND
WESTCHESTER
Development Site For Sale 29-24 40th Avenue, Long Island City, NY 11101 41-50 24th Street
43-25 Hunter Street
Gotham Center
29-07 Queens Plaza N
205 Montague Street, 3rd Floor Brooklyn, NY 11201 T: 718-238-8999 / F: 718-238-6091
29-32 Northern Boulevard
29-12 40th Avenue
275 Madison Avenue, 3rd Floor 118-35 Queens Boulevard, 14 ASKING PRICE: $13,500,000 $12,250,000 New York, NY 10016 Forest Hills, NY 11375 T: 212-696-2500 / F: 212-696-0333
th
Floor
T: 718-275-3400 / F: 718-275-5478
For further information, please contact Exclusive Agents: Mark Lively Senior Vice President of Sales [email protected] (718) 307-6524
Brendan Maddigan Director of Sales [email protected] (718) 307-6507
David Chkheidze Director of Sales [email protected] (718) 512-2620
Conrad Martin Associate [email protected] (212) 696-2500
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.
118-35 Queens Blvd. • 14th Floor • Forest Hills, NY 11375 • 718.275.3400 • Fax 718.275.5478 www.masseyknakal.com THE BRONX
BROOKLYN
MANHATTAN
NASSAU
NEW JERSEY
QUEENS
STATEN ISLAND
WESTCHESTER
