21714 24th Ave
Bayside, NY 11360
Bay Terrace Development Site · Retail Property For Sale

Meridian Investment Sales is pleased to present the exclusive offering for the Bay Terrace Development Site, which spans approximately 1.5 acres overlooking Little Neck Bay. Located at 217-14 24th Avenue in the desirable Bay Terrace enclave, the property is subject to a NNN lease expiring in October 2021 to the Bay Terrace Country Club per terms of a bankruptcy agreement. Spanning two contiguous tax lots, the Bay Terrace Country Club includes a clubhouse, café, tennis courts, basketball courts, and swimming pool. The development site is ideal for a country club given its serene location in an affluent community. Currently zoned R1-2, the site permits single family development with a maximum as-of-right Zoning Floor Area (“ZFA”) of 32,405 square feet. Residences in this desirable community with views of Little Neck Bay would command significant premiums. Further, given the unique site and denser residential zoning on the surrounding blocks, investors have the option to request a zoning variance to allow for a residential tower which would require a ULURP process. The NNN lease, which expires in October 2021, will mitigate carrying costs while investors finalize development plans. There is currently an existing current mortgage balance of approximately $1,215,000 that can be utilized to help reduce Mortgage Recording Tax savings.