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21-17 49th Ave , LAND

Land · Long Island City · $10,000,000

Beyond Capital has been retained to arrange the sale of 21-17 49th Ave, a 30 x 300 FT corner development site with an As of Right zoning for M3-1. This site is located walking distance to the QNS Midtown Tunnel, in a high-density transit neighborhood of Long Island City.

The opportunity presented has the ability for an incoming purchaser to begin the ULURP (Uniform Land Use Review Procedure) process to change the land use from M3-1 to R7X/ M15 or M1-6D (Special Mixed-Use).

Current developments in the area such as 11-39 49th Ave which is located across the street from the subject site has a zoning of M1-5/R7X. Current FAR allows the following, Residential 5, Commercial 5, Community Facility 5. A zoning upon approval for M1-5/R7X would allow for Floor Area of 45,000 SF.

Rezoning Approval Request for M1-6D(Special Mixed-Use) would allow for Maximum Residential FAR of 10 allowing for a total Floor Area of 90,000 SF. Below you will find a proposed zoning change which would allow for a building with a base height of 150 FT and maximum building height of 290 FT. Proposed uses would be 2,700 SQ FT for Retail and 87,300 for Residential.

Please refer to the NYC ULURP zoning procedures and consult with your architect for highest and best use as well as timeline for subject site. A survey is provided for your reference.

The current lot has a 300 FT frontage with 30 FT of depth. The rectangular lot size will allow for a large building to be designed or can be subdivided into two smaller developments. The property currently has an existing 1 story structure that would need to be demolished. Property will be delivered vacant at closing.

Current national tenants in the area include Starbucks in the Paragon building across the street. The subject property is right in front of the Hunter Point 7 subway station, which sees daily foot traffic. It represents a perfect opportunity for a developer to take advantage of LIC's fast growth without having to pay market value for zoning air rights.

WebID: 251608 - Listing Courtesy of Mirza Avdovic

  • Studio
  • 1BA
  • 9000SQFT

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