3832 Crescent St
Long Island City, NY 11101
7,524 BSF Development Site · Land For Sale · 0.06 AC

Landair Property Advisors has been retained exclusively to arrange the sale of 38-32 Crescent Street, a 2,500 Sq. Ft. development site in a high density residential area. Developers will benefit from the M1-2/R5D zoning by being able to build a as-of-right 7,500 Sq. Ft. mixed-use building with (6) units and 2,500 Sq. Ft. of ground floor commercial space (proposed). Residential rents in the area exceed $50 PSF. Direct comparables show commercial rents in excess of $25 PSF. The lot has 25' of frontage and 100' of depth, and is located on a wide street. Both buildings to the right and to the left have foundations. Demolition has already been done and plans can be filed upon closing. The lot is gently sloped which may lower excavation costs. The property will have low carrying costs throughout the entitlement process with $9,498 in taxes per year. 38-32 Crescent Street is located .4 miles from the 7, N, W, E, M and R subway stops at Queensboro Plaza, allowing access to Manhattan in under 10 minutes. The property also benefits from close proximity to high-traffic retail thoroughfares including Steinway Street, Jackson Boulevard, 36th Avenue, 30th Avenue, and Broadway. This property represents a perfect opportunity for a developer to take advantage of Long Island City's explosive growth and supply constrained housing. The property will be delivered vacant at closing. All air rights are completely intact. The property is also available with 38-38 & 38-36 Crescent Street. Inquire with exclusive broker for group pricing.