249-46 Horace Harding Expressway 2 Retail Properties in Douglaston, NY

BKREA has been retained on an exclusive basis to arrange the sale of 249-46 Horace Harding Expressway (“the Property”), a prime retail shopping center (two buildings) and development opportunity located in the Little Neck neighborhood of Queens. Positioned on the east side of the Horace Harding Expressway and bounded by 57thAvenue and
Marathon Parkway, the Property sits at the nexus of Queens and Long Island. This offering provides investors with a rare opportunity to capture existing cash flow while exploring multiple residential development schemes. Its combination of inplace income and significant development potential makes it a highly compelling opportunity for both investors and developers.
The Property comprises a 114,547-square-foot lot zoned C1-2 (R3-2 equivalent), which permits a residential Floor Area Ratio (FAR) of 1.60, or 183,275 ZFA, as well as a commercial FAR of 1.0, or 114,547 ZFA. In addition to its substantial development capacity, the Property generates meaningful in-place cash flow, providing immediate income security while redevelopment options are evaluated. Three potential development scenarios have been identified. The first contemplates extending the existing commercial structure to the street wall, creating approximately 6,300 square feet of additional retail area. The second involves reinforcing the current structure and constructing three residential stories above, yielding an additional 36,000 ZFA. The third envisions a complete redevelopment of the site through demolition of the existing improvements and the construction of two new buildings incorporating parking, commercial space, outdoor amenities, and landscaped green areas, totaling approximately 180,250 ZFA. Irrespective of the development path ultimately pursued, the offering presents investors with both stable in-place income and significant long-term development potential, establishing it as a highly compelling acquisition opportunity.