3102 44th St - Astoria Corner Development Site 0.07 Acres of Commercial Land Offered at $2,400,000 in Astoria, NY 11103

Landair Property Advisors is pleased to present a rare development opportunity in Astoria. The offering consists of a 2,895 Sq. Ft. lot, currently improved by one 2,774 Sq. Ft. retail building. The property is currently occupied, with the lease containing a 6-month demolition clause. Located on a 55.17’ x 98.71’ IRR lot, the site is zoned R6A / C1-3, allowing for a total residential buildable of 8,685 Sq. Ft. under current zoning regulations. The site is well suited for multifamily or mixed-use development, or alternatively, for an investor seeking to reposition/occupy the existing structure. The property was recently rezoned to R6A, C1-3, requiring any new development to comply with Mandatory Inclusionary Housing (MIH) regulations. However, pursuant to ZR 27-131(a)(4), MIH requirements shall not apply to developments that are no more than 10 units and not more than 12,500 Sq. Ft. of residential floor area. The site is located just 0.3 miles from the 46th St E/F/M/R subway station, offering direct access to Midtown Manhattan in under 25 minutes. Surrounded by residential housing, local retail, and a growing number of new developments, this pocket of Astoria continues to see strong demand from renters and end-users alike.