Bayside Waterfront Development Site

Bayside, Queens, New York 11360

$12,000,000  

Listing ID Number

25035

Property Description

The Bayside Waterfront Development Site is an approximately one acre waterfront development site with up to an estimated 67,076 square feet of development rights for community facility use.

Currently the lot located at 23-50 Waters Edge Drive, encompasses an existing multifamily rental building of approximately 121,256 square feet on an approximately 96,698 square foot lot. The lot will be subdivided and the remainder of the land, approximately 44,255 square feet, will benefit from the net development rights which will be transferred from the original tax lot to the new proposed tax lot (subject property). The property will be delivered with sudivision approval.

The subject property will be made up of 67,076 buildable square feet for community facility use and is suitable for such uses as medical facility/offices, school, senior care, religious facility, daycare, etc. Attached plans include a proposed eight-story community facility building with accessory parking lot.


This is a rare opportunity in Northern Queens on the Bayside Waterfront for development as nearly the entire waterfront is already developed or occupied. The property is surrounded by numerous co-operative and multifamily buildings with over 1,500 units. It is also conveniently located less than a quarter-mile from Bell Boulevard featuring the Bay Terrace shopping center, multiple retailers, and easy access to the Cross Island Parkway & Clearview Expressway.

Overview

Building Type:Development/Conversion Sites
Location:Bayside Waterfront at Waters Edge Drive & 24th Avenue
Block/Lot:5958/30
Lot Dimensions:286.18' x 220.77'
IRR
Lot Sq Ft:44,255
Estimated
Buildable Sq. Ft:71,140
Estimated

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

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


Property Images

Click the image for a high resolution version.

<     /     >

Property Map


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.