144-61 Roosevelt Avenue, Flushing, NY 11354

Flushing, Queens, New York 11354

Listing ID Number

24537

Property Description

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a block-through development site located at 144-61 Roosevelt Avenue in Flushing, Queens. Positioned just 3 blocks west of Main Street, the lot totals 46,158 square feet and is bound by 38th Avenue to the north, Roosevelt Avenue to the south, 147th Street to the east and Parsons Blvd to the west. The property is currently owned by a private organization that operates a 28,591 square foot school on site.

The lot is situated within an R6 zoning designation, which permits an as-of-right community facility ZFA of 4.80 and a residential ZFA of 2.43. This equates to a total buildable square footage of 221,558 for community facility of which 112,164 square feet can be utilized as residential space. Ownership is asking potential purchasers to submit proposals based on one or more of the following three separate redevelopment options.

Option 1: An outright sale of the residential rights allowing for a new development along 38th Avenue.

Option 2: An outright sale of the residential rights allowing for the purchaser to build a new development along Roosevelt Avenue after the purchaser has erected, for current ownership, a new school building along 38th Avenue. Current ownership could either own the new school outright or own the condo rights to the new school with the purchaser owning a community facility condo on top of the new school.

Option 3: An outright sale of the entire block-through site with current ownership completely vacating all parts of the property upon sale.

In connection with Options 1 and 2, ownership is requiring a new or enlarged building that is no less than 40,000 square feet, as well as an outdoor play space, sufficient parking and accessibility for student drop-off and pick-up. Please refer to the property setup for an overview of potential redevelopment schemes.

Flushing has emerged as one of the fastest growing neighborhoods in Queens largely due to its ideal location along the 7 train and an influx of foreign residents. This is a prime opportunity for a developer to capitalize on Downtown Flushing’s significant demand for new residential housing from residents that are priced out of markets in Manhattan and Brooklyn. The recent success of local projects such as The Grand at Sky View bodes well for future development as demand continues to outpace supply. Furthermore, transportation options abound the property with convenient access to the 7 train, just 3 blocks away, at Main Street as well as a short walk to the Main Street and Murray Hill LIRR train stations.

Overview

Building Type:Development/Conversion Sites
Location:Flushing, Queens
Block/Lot:5024/33
Lot Dimensions:15' x 186' (Roosevelt Avenue) 90' x 186' (38th Ave
Lot Sq Ft:46,158
approx.
Buildable Sq. Ft:Comm. Facility: 221,558 / Residential: 112,164
approx.
Unit Sq Ft:28,591
approx.
Zoning:R6

Contact

For further information or inspection, please contact Exclusive Agents:

Robert A. Knakal
Chairman, New York Investment Sales
(212) 660 7777
robert.knakal@cushwake.com

Stephen R. Preuss
Senior Managing Director
(718) 512 2118
stephen.preuss@cushwake.com


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Aerial View


The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.