Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Massey Knakal Retained Exclusively To Sell Development Site In Astoria

01/23/2014

Massey Knakal Realty Services has been retained on an exclusive basis to sell a development site at 26-01 and 26-15 4th Street. The site is located on the corner of 26th Avenue and 4th Street in the Astoria neighborhood of Queens.  The asking price is $18,000,000.

The two-lot site currently consists of two industrial buildings containing approximately 49,000 square feet with 24-foot ceilings, four overhead roll-up doors, and outdoor parking for 15-20 cars.  With a combined footprint of approximately 51,493 square feet and a zoning designation of R6, the property has a total of approximately 154,479 buildable square feet for residential development.  The site benefits from approximately 200 feet of frontage on 4th Street, which gives the property the added FAR bonus of 3.0 under the Quality Housing program for a portion of the lot.  With approximately 49,000 square feet of commercial space already in place, the project could add an additional 61,638 square feet of community facility space bringing the project total to approximately 247,166 square feet. 

The neighborhood is set to undergo a massive revitalization with the coming construction of 4,000 new units, a bank, supermarket, school, commercial spaces, waterfront promenade and improved transit access. This neighborhood redevelopment is split between the Hallet's Point project (approved) and Astoria Cove.  With its size, available air rights and proximity to the waterfront and multiple large development projects, this site poses an excellent opportunity for a developer.

This property is being marketed exclusively by Massey Knakal’s Evan J. Daniel.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,700 transactions having a market value in excess of $19 billion.

www.masseyknakal.com

01/23/2014 - 10:39

Source

Cushman & Wakefield Capital Markets Group New York

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