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4908-4910 Queens Blvd - Sunnyside Development Site 0.18 Acres of Commercial Land Offered at $3,500,000 in Flushing, NY 11377
INVESTMENT HIGHLIGHTS
- 40’ x 100’ Lot Zoned C4-4A.
- Covered Land Play – Projected Gross Income of $229,200
- (3) Blocks from 46th Street Subway Stop
- 16,000 BSF As-Of-Right. 20,040 BSF with UAP.
- High Demand Retail and Residential Location
- Last Lease Expires April 2025, Collect Rent While Waiting for Plan Approval.
EXECUTIVE SUMMARY
Located at 4908-4910 Queens Boulevard in Sunnyside, this development site offers a considerable 4,000 Sq. Ft. lot size. It's zoned C4-4A with a Floor Area Ratio (FAR) of 3.45 or 4.6, allowing for a buildable area of 13,810 Sq. Ft., or 18,413 Sq. Ft. with the Voluntary Inclusionary Bonus.
The property, situated just 0.1 miles from the 46th Street Street subway stop, offers easy access to Manhattan. This site is currently built as (2) buildings with (2) apartments and (2) Stores. The property is currently generating $109,200 per year. Should the purchaser buy and rent, the property is expected to make $229,200 per year (Gross).
The double-wide lot provides substantial space for construction. The recent implementation of the 485-x tax abatement, under the Affordable Neighborhoods for New Yorkers ("ANNY") program, enhances the attractiveness of this opportunity, offering significant tax incentives for developers focused on rental housing. This property is well-suited for a rental developer or investor looking to capitalize on the growth and potential of Sunnyside, on the border of Long Island City and it’s booming real estate market.
The property, situated just 0.1 miles from the 46th Street Street subway stop, offers easy access to Manhattan. This site is currently built as (2) buildings with (2) apartments and (2) Stores. The property is currently generating $109,200 per year. Should the purchaser buy and rent, the property is expected to make $229,200 per year (Gross).
The double-wide lot provides substantial space for construction. The recent implementation of the 485-x tax abatement, under the Affordable Neighborhoods for New Yorkers ("ANNY") program, enhances the attractiveness of this opportunity, offering significant tax incentives for developers focused on rental housing. This property is well-suited for a rental developer or investor looking to capitalize on the growth and potential of Sunnyside, on the border of Long Island City and it’s booming real estate market.
PROPERTY FACTS
1 LOT AVAILABLE
Lot 08-10
| Price | $3,500,000 | Lot Size | 0.18 AC |
| Price Per AC | $19,444,444.44 |
| Price | $3,500,000 |
| Price Per AC | $19,444,444.44 |
| Lot Size | 0.18 AC |
Prime development opportunity. Lot 49-08 is 20 x 100 and 49-10 is 20 x 100. Total 40 x 100 SF lot= 0.18 acre.
DESCRIPTION
Great location with high visibility. 1 ft easement on either side of the current building structures. The double-wide lot provides substantial space for construction.
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Walk Score®
Walker's Paradise (99)
Transit Score®
Rider's Paradise (98)
Bike Score®
Very Bikeable (82)
PROPERTY TAXES
| Parcel Number | 02282-0026 | Improvements Assessment | $209,520 |
| Land Assessment | $225,000 | Total Assessment | $434,520 |
PROPERTY TAXES
Parcel Number
02282-0026
Land Assessment
$225,000
Improvements Assessment
$209,520
Total Assessment
$434,520
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4908-4910 Queens Blvd - Sunnyside Development Site
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