Cushman & Wakefield Retained Exclusively to Sell Prime Corner Development Site in Rego Park
Cushman & Wakefield has been retained on an exclusive basis to sell a development site at 97-29 64th Road, located on the corner of 98th Street and 64th Road in the Rego Park neighborhood of Queens. The asking price is $12,500,000.
The site, consisting of two contiguous lots which combine for approximately 14,000 square feet, is currently improved by a two-story, income-producing retail/office building totaling approximately 20,771 square feet. The property benefits from approximately 140’ of frontage on 64th Road and 100’ on 98th Street. Situated within a C4-2 zoning district, it features a commercial FAR of 3.4, equating to approximately 47,600 buildable square feet. The site also allows for a maximum FAR of 4.8 with community facility bonus, equating to approximately 67,200 buildable square feet of as-of-right development potential. All leases contain demolition clauses, posing a prime development opportunity.
The property is just two blocks from the 63rd Drive – Rego Park subway station, with the M and R subways providing access to Midtown Manhattan in 25 minutes. It is located one block from Queens Boulevard, within walking distance to the Rego Center Mall, and less than a mile from the Queens Place and Queens Center Malls. The site is also in proximity to the Long Island Expressway, Grand Central Parkway, and Van Wyck Expressway.
“The property is ideally located, near the subway as well as big box retailers, in one of the most desirable neighborhoods in Northern Queens,” said Cushman & Wakefield’s Thomas A. Donovan, who is exclusively marketing this property with Eugene Kim, Tommy Lin and Robert Rappa.