Massey Knakal Realty Services has been retained on an exclusive basis to sell a development site at 88-18 Justice Avenue. The property is located on the corner of Justice and 55th Avenues in the Elmhurst neighborhood of Queens. The asking price is $24,000,000.
The property consists of an approximately 44,748 square foot lot, featuring approximately 298 feet of frontage on Justice Avenue and 226 feet on 55th Avenue. It is located in a C4-2 / R6A zoning district and benefits from approximately 271,148 square feet of development rights. This site is ideally located one block off of Queens Boulevard, the most active retail corridor in Queens, and directly across the street from the Queens Place Mall. It is in proximity to the Grand Central Parkway and the Long Island, Van Wyck, and Brooklyn Queens Expressways. The site is also one block from the M and R subway lines at Grand Avenue and numerous bus lines service the area.
“For the first time, Queens is beginning to see a trickle-down effect of rising rents from primary neighborhoods, like Long Island City. This is similar to Williamsburg’s effect on Bushwick. As a result, secondary markets, like Elmhurst, which also have great transportation, are experiencing strong increases in residential rents,” said Massey Knakal’s Stephen P. Palmese who is exclusively marketing this property with Thomas A. Donovan.
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Neighborhoods: Elmhurst/ Agents: Stephen Palmese