Cushman & Wakefield has been retained on an exclusive basis to sell a development site at 41-50 21st Street. The property is located between Queens Plaza and 41st Avenue in the Long Island City neighborhood of Queens. The asking price is $65,000,000.
The site contains approximately 43,699 square feet and sits on a 284’ x 211’ irregular lot. Situated within a M1-5 zoning district, the site holds a buildable square footage of approximately 218,496 at a 5.0 FAR for commercial use. Additionally, it has a buildable square footage of approximately 284,045 at a 6.50 FAR for community facility.
The property is in close proximity to the F subway line, allowing for easy access to Manhattan.
“This site holds immediate value with its prime location in Queens Plaza. The influx of residents in Long Island City is driving the value of not only residential development but commercial demand for retail and mixed-use development,” said Cushman & Wakefield’s Stephen R. Preuss, who is marketing the property with David Chkheidze. “This lot lies within the NYC Department of Planning core area study for rezoning, which would exponentially increase the buildable square footage of this property, inclusive of residential zoning,” added David Chkheidze.
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Neighborhoods: Long Island City/ Agents: Stephen Preuss