4902 108th St
Corona, NY 11368
Residential/Multi-family Development · Land For Sale · 0.46 AC

Property for Sale For Multi Family or Commercial and Residential Condo Development Price: 10,500,000. Lot Size: Frontage 200 X 100 Depth 20,000 SF DESCRIPTION: 40,000 Buildable SF - R6B Zoning Profitable for Rentals and Commercial Condo Area - Walking Distance to 7 train subway. Buses to Roosevelt Ave., Corona. Or Queens Blvd., Forest Hills. Semi busy area. Below are the details for consideration of the sale: 1) The price: $10,500,000. Buyer/s' pay the Transfer Tax and Sold As Is-Where Is. 2) Buyer/s' must put 10% down payment upon Contract, 90% on Closing (Must be 'All Cash' deal). 3) The property has 4 month to month tenants. (Rental Income $337,000 a year). The Sellers' agrees to vacate the property of tenants and be allowed the legal maximum period of time for eviction. 4) Buyer/s agrees to close within 30 days after the property is vacant. 5) Seller is paying **All remediation and monitoring expenses in regard to the violation agreed and ordered by the NYS Dept. of Environmental Conservation (DEC) until Closing. 6) But, the Buyer/s' will continue to pay all environmental clean-up (Builder will take out the soil anyway, upon digging) and remediation expenses as Ordered by DEC according to a "consent order which was signed in order to satisfy and commit to the DEC to finish the remediation to satisfy the violation. **( Brief history below. All these have Documentation) **Sometime in 1992, the gasoline station tenant had a leak. The Sellers' received letter from NYS Dept. of Environmental Conservation (DEC) for violation. They were ordered to clean up and do remediation. They did the Phase 1, 2, & 3. All documented and submitted to DEC. (The previous clean up, when the property was dug up and after the clean up, they covered it up again. They were NOT told that they should not cover it up again with the same dirt soil. The builder/developer who will buy this property, have to dig up anyway, where there might be some residue to the soil that will be hauled to the dumpsite.) Property is "Possible to avail the Program FRESH for Developer Incentives" Below details. F.R.E.S.H. BACKGROUND A study (in PDF) conducted for the Mayor's Food Policy Task Force by the New York City Departments of Health and City Planning and the New York City Economic Development Corporation shows that many neighborhoods across the city are underserved by grocery stores. The resulting lack of nutritious, affordable fresh food in these neighborhoods has been linked to higher rates of diet-related diseases, including heart disease, diabetes and obesity. In response, the City has established the Food Retail Expansion to Support Health (FRESH) program. FRESH provides zoning and financial incentives to promote the establishment and retention of neighborhood grocery stores in under served communities throughout the five boroughs. FRESH PROGRAM ELIGIBILITY The FRESH program is open to grocery store operators renovating existing retail space or developers seeking to construct or renovate retail space that will be leased by a full-line grocery store operator. FRESH benefits are available to stores within the designated FRESH-eligible areas, shown below. Tax incentives are discretionary and will be assessed on a per-case basis for eligibility. Stores that benefit from the FRESH program must also meet the following criteria: Provide a minimum of 6,000 square feet of retail space for a general line of food and nonfood grocery products intended for home preparation, consumption and utilization; Provide at least 50 percent of a general line of food products intended for home preparation, consumption and utilization; Provide at least 30 percent of retail space for perishable goods that include dairy, fresh produce, fresh meats, poultry, fish and frozen foods; and Provide at least 500 square feet of retail space for fresh produce. FRESH INCENTIVES Zoning Incentives The following zoning incentives are available to eligible grocery store operators and developers through the New York City Department of City Planning: Additional Development Rights One additional square foot of residential floor area will be available for every square foot provided for a grocery store in a mixed-use building, up to a 20,000 square foot limit. Reduction in Required Parking Up to 40,000 square feet of grocery retail space will be exempt from parking requirements in commercial districts that permit residential buildings with ground floor retail. Up to 15,000 square feet of grocery retail space will be exempt from parking requirements in other commercial and light manufacturing districts. Larger Stores in Light Manufacturing Districts Grocery stores up to 30,000 square feet will be permitted as-of-right in M1 districts. Visit the New York City Department of City Planning website to learn more about FRESH zoning incentives. Financial Incentives The following financial incentives are available to eligible grocery store operators and developers through the New York City Industrial Development Agency (NYCIDA)*: Real Estate Tax Reductions A 25-year land tax abatement may be offered, equal to $500 multiplied by each full-time equivalent employee at time of application (or the full value of the land tax for project sites located within Empire and Empowerment Zones). A 25-year stabilization of building taxes may be offered, based on the pre-improvement assessed value. A phase-out of the real estate tax benefits begins in year 22 and continues through year 25 at 20 percent each year. In year 26, real estate taxes increase to full amount. Sales Tax Exemption An exemption from the 8.875 percent sales tax may be offered on materials to construct, renovate or equip facilities. Mortgage Recording Tax Deferral A deferral of mortgage recording tax relating to the project's financing may be offered, equal to 2.05 percent of the mortgage amount for mortgages of $500,000 or less, and 2.80 percent for mortgages greater than $500,000. *All NYCIDA benefits are discretionary. Companies requesting assistance from the NYCIDA will be evaluated by NYCIDA staff individually to determine specific eligibility. All benefits are, by statute, subject to the approval of the NYCIDA’s Board of Directors. Companies must request. http://www.nyc.gov/cgi-bin/exit.pl?url=http://www.nycedc.com/fresh OTHER INCENTIVES New York Healthy Food & Healthy Communities Fund Grocery store operators and developers in underserved communities may be eligible to apply for pre-development grants and loans, acquisition loans, equipment financing, and construction and permanent loans through the New York Healthy Food & Healthy Communities Fund. http://www.nyc.gov/cgi-bin/exit.pl?url=http://www.liifund.org/healthyfood