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3005 Whitestone Expy - 30-05 Whitestone Expressway 1.86 Acres of Commercial Land in Flushing, NY 11354
INVESTMENT HIGHLIGHTS
- Residential Development Opportunity with Scale
- Strong Market Fundamentals
- Height Increases
- 485-X Tax Exemption / City of Yes
- Residential Development Site Via ULURP
- Located in an Opportunity Zone
EXECUTIVE SUMMARY
Residential Development Site with Scale the Heart of Flushing, Queens, one of the most vibrant and densely populated submarkets in Queens.
Jones Lang LaSalle (“JLL”) has been exclusively retained to represent 30-05 Whitestone Expressway (the “Site”, “Asset” or “Property”), a 81,150 square foot lot, with approximately 406,562 zoning floor area (ZFA) in the Flushing submarket of Queens. The site was rezoned via ULURP in 2023 providing for a R7A zoning district with Mandatory Inclusionary Housing.
The site benefits from Option 1 (25% MIH at 60% AMI) or Option 2 (30% MIH at 80% AMI), providing tremendous flexibility and scale for the incumbent developer. The property also benefits from recently passed City of Yes as well as the 485-X tax abatement, where it strategically sits outside of Zone A & Zone B. Further, the property is located within an Opportunity Zone opening up the ability to strategically capitalize the project.
As part of the ULURP the site has proposed plans, which are not binding nor approved, allowing the developer the flexibility to design the most efficient project.
30-05 Whitestone Expressway is poised to become a centerpiece of Flushing’s revitalization and growing demand for new residential product. This project will leverage the momentum created by the cultural and commercial momentum of Downtown Flushing’s popular corridors, as well as the nearby Willets Point rezoning.
As a new construction residential tower in an unparalleled location, 30-05 Whitestone Expressway is set to emerge as one of Flushing’s premier residential opportunities.
Jones Lang LaSalle (“JLL”) has been exclusively retained to represent 30-05 Whitestone Expressway (the “Site”, “Asset” or “Property”), a 81,150 square foot lot, with approximately 406,562 zoning floor area (ZFA) in the Flushing submarket of Queens. The site was rezoned via ULURP in 2023 providing for a R7A zoning district with Mandatory Inclusionary Housing.
The site benefits from Option 1 (25% MIH at 60% AMI) or Option 2 (30% MIH at 80% AMI), providing tremendous flexibility and scale for the incumbent developer. The property also benefits from recently passed City of Yes as well as the 485-X tax abatement, where it strategically sits outside of Zone A & Zone B. Further, the property is located within an Opportunity Zone opening up the ability to strategically capitalize the project.
As part of the ULURP the site has proposed plans, which are not binding nor approved, allowing the developer the flexibility to design the most efficient project.
30-05 Whitestone Expressway is poised to become a centerpiece of Flushing’s revitalization and growing demand for new residential product. This project will leverage the momentum created by the cultural and commercial momentum of Downtown Flushing’s popular corridors, as well as the nearby Willets Point rezoning.
As a new construction residential tower in an unparalleled location, 30-05 Whitestone Expressway is set to emerge as one of Flushing’s premier residential opportunities.
PROPERTY FACTS
| Sale Type | Investment | Property Subtype | Commercial |
| No. Lots | 1 | Total Lot Size | 1.86 AC |
| Property Type | Land | Opportunity Zone |
Yes
|
| Zoning | R7A | ||
| Sale Type | Investment |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Total Lot Size | 1.86 AC |
| Opportunity Zone |
Yes |
| Zoning | R7A |
1 LOT AVAILABLE
Lot 1, 15, 48
| Lot Size | 1.86 AC |
| Lot Size | 1.86 AC |
1 1
Walk Score®
Walker's Paradise (91)
Transit Score®
Excellent Transit (88)
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3005 Whitestone Expy - 30-05 Whitestone Expressway
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