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- LoopNet Team
5801 Queens Blvd
Woodside, NY 11377
Land For Sale
·
0.43 AC
INVESTMENT HIGHLIGHTS
- Covered Land Play with 94,620 Developable SF As of Right for Residential Use
- 23-Minute Commute to Grand Central Station
- Long-Term Family Ownership, First Sale in 25+ Years
- Three Frontages Allow for Creative Development Opportunity
- Flexible R7X, C2-3 with a 5x FAR Allows for Prime Residential or Mixed-Use Development Opportunity Along the Queens Boulevard Corridor
- In-Place NNN Lease Generating $409,948 Annually Through 2023 Will Benefit New Ownership While Development Plans are Assembled
PROPERTY FACTS
DESCRIPTION
Stephen C. Troy, Inc. is pleased to bring to market 58-01 Queens Boulevard. The Subject offers a unique covered land play development opportunity. Occupied by Walgreens, Inc, a subsidiary of Walgreens Boots Alliance, through December 31, 2023, the Subject will provide NNN income of $409,948 (~$819,896 NNN from acquisition to development) to any investor looking to capitalize on in-place cash-flow while development plans are assembled. As of right, the residential zoning of R7X allows for 94,620 SF buildable, which equates to 139 units at an average unit size of 680 SF. Additionally, the commercial overlay of C2-3 allows for 1-2 stories of ground level commercial should the developer decide to construct the Subject as mixed-use. The subject is well located less than 0.25 miles from the Sunnyside 52nd Street 7-Train, which provides a 23-minute commute to Grand Central Station. The Subject is also located adjacent to the Q60, Q18, and Q32 Bus Lines which provide services throughout Queens, Brooklyn, and the east side of Manhattan.
