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33-10 28th Ave - Boutique Development- 8,171 BSF AS-OF-RIGHT 0.06 Acres of Residential Land Offered at $2,870,910 CAD in Astoria, NY 11103
Investment Highlights
- 27.21’ x 100.1’ Lot Zoned R6A. 8,171 BSF.
- Semi- Detached Building reducing the cost of the demolition.
- Waived parking requirements due to the location in a transit zone.
- Located 2 blocks from the N/W Subway stop at 30th Avenue/31st Street and 1 block from the prime retail corridor.
- No lot line windows on either side, expediting the construction process.
- Thriving pocket of Astoria with condos exceeding $1,300/SF and rentals exceeding $70/SF.
Property Facts
| Price | $2,870,910 CAD | Property Type | Land |
| Sale Type | Investment | Property Subtype | Residential |
| No. Lots | 1 | Total Lot Size | 0.06 AC |
| Zoning | R6A - R6A. 8,171 buildable Sq. Ft. as-of-right. FAR 3. 680 Sq. Ft. minimum unit size. 70' max height. 65% max lot coverage (mid-block). 7 stories max | ||
| Price | $2,870,910 CAD |
| Sale Type | Investment |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Residential |
| Total Lot Size | 0.06 AC |
| Zoning | R6A - R6A. 8,171 buildable Sq. Ft. as-of-right. FAR 3. 680 Sq. Ft. minimum unit size. 70' max height. 65% max lot coverage (mid-block). 7 stories max |
1 Lot Available
Lot
| Price | $2,870,910 CAD | Lot Size | 0.06 AC |
| Price Per AC | $45,926,476.95 CAD |
| Price | $2,870,910 CAD |
| Price Per AC | $45,926,476.95 CAD |
| Lot Size | 0.06 AC |
The lot has 27.21' of frontage and 100.1' of depth. The rectangular lot size will create efficient floorplates in the future building.
Description
Landair Advisors has been retained to arrange the sale of 33-10 28th Avenue, a 2,723 Sq. Ft. boutique development site in a prime high-density Astoria location with tremendous residential supply constraints. Developers will benefit from the R6A zoning by being able to build an as-of-right 8,171 Sq. Ft. mixed-use building with (10) units. New development condo sales in the area exceed $1,200 PSF. Direct comparables show residential rents in excess of $70 PSF. The lot has 27.21' of frontage and 100.1' of depth. The rectangular lot size will create efficient floorplates in the future building. Developers will also benefit from low carrying costs during the entitlement process with $8,693 in taxes per year. Furthermore, demolition should be minimal due to the size of the current building (1,800 Sq. Ft.) A month-to-month tenant is on the 2nd floor, and a 5-year lease is in place for the restaurant on the first floor. A demolition clause is in place. 33-10 28th Avenue is located .2 miles from the 30th Avenue subway stop which provides access to Manhattan in under 20 minutes, and to Long Island City in under 10 minutes. The property also benefits from close proximity to high-traffic retail thoroughfares including 30th Avenue, 31st Street, and Astoria Boulevard, Steinway Street, and Ditmars Boulevard. This property represents a perfect opportunity for a developer to take advantage of Astoria’s exploding growth and popularity as well as it's thriving condo market.
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33-10 28th Ave - Boutique Development- 8,171 BSF AS-OF-RIGHT
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