1601 Central Ave
Far Rockaway, NY 11691
Retail Property For Sale

16-01 Central Avenue for sale. A 9,936 BSF development site located in the Far Rockaway neighborhood of Queens, NY. The property features 2,070 SF of ground level commercial space, a fully finished basement and 7,866 additional BSF. Investment Highlights: Projections: $298,080 gross revenue / $279,369 Net Income / 7.7% Cap Rate Proposed Plans (see P.xx): Ground Level: Retail 2nd Fl.: Community Facility 3rd, 4th & 4th Fl. Mezzanine.: Residential Location Highlights: Located on the corner of Central Ave & Mott Ave, a major retail corridor. Within the Downtown Far Rockaway Redevelopment Project. https://www1.nyc.gov/site/oec/ environmental-quality-review/16DME010Q.page Leasing activity increased 30% YoY averaging $33 NNN Rents Per SF. (source: CoStar) Nearby amenities include shops, dining, religious facilities, medical centers, schools, daycares, banks, supermarkets, the Inwood Country Club and more. Walking distance to the Mott Ave A Train, N31 / N32 buses and the LIRR. Easy access to JFK, Nassau Expy & Rockaway Turnpike."SPECIAL DOWNTOWN FAR ROCKAWAY ZONING". The zoning is R6/C2-4 with increased bulk and density due to the special zoning rules. A 9 story building can be erected at this site. The site offers a potential 50,000 SF development site. There is aprroximately 13 new construction projects in progress within a half mile radius of this lot. There is a new school and library being built on this street and with over 1400 residential units to be built across the block from this location. Far Rockaway will see a $139M infrastructure and street upgrades to the 25 block area now in progress. The area is in a surge of booming development! INVESTMENT HIGHLIGHTS A LINE SUBWAY & LONG ISLAND RAILROAD WITHIN 5 MINUTE WALKING DISTANCE CORNER LOT ALLOWING FOR A LARGER LOT COVERAGE AREA ATTACHMENTS 16-01 Central Ave Far Rockaway Queens NY EXECUTIVE SUMMARY 1601 CENTRAL AVE DEVELOPMENT is pleased to present the exclusive offering of 16-01 Central Avenue in Downtown Far Rockaway Queens 11691. A single story structure resides on a footprint totaling 2070 SF. The maximum allowable floor ratio is 4.8 and is zoned R6/C2-4(SPECIAL DOWNTOWN FAR ROCKAWAY DISTRICT ZONING). The site offers the opportunity for residential, mixed use and facility development. The Zoning Rules allow for increased bulk and density due to the "SPECIAL DOWNTOWN FAR ROCKAWAY DISTRICT ZONING" The rezoning has brought a new resurgence of development activity. The area is expected to create over 3000 plus apartments with nearly 160,000 SF of retail space. Multiple new community spaces are being formed with joint ventures currently being built. It is also conveniently situated just blocks away from the A Line Subway located at the Far Rockaway Mott Avenue Station and the Far Rockaway Long Island Railroad Station.