Property Details

Overview

Amazing Development Site in Astoria offering a great opportunity to the savvy developer as the current structure could be left in place while enlarging it into a 10 unit building and/or a large community or medical facility. This would save construction costs (no excavation, no foundation, no shoring and little to no underpinning), time and taxes, by filing for an Alteration 1 instead of a New Building. The survey and an architectural opinion are available upon request but we encourage you to verify with your own architect. The oversized lot provides additional parking or outdoor space for entertaining. Total buildable as of right is 7, 100 sq/ft PLUS bonus for community facility. Currently Vacant and in average good condition this Legal 4 family detached brick home in Astoria features four 1 Bedroom apartments EASILY convertible to Junior 4s, plus a full finished basement on the oversized 25 x142 feet lot with R6B zoning. Centrally located within 3 blocks to the N and W subway stations at 30th Ave., and close to multiple cafes, restaurants, and entertainment venues. Mount Sinai is in close proximity and it is a great source of tenants. Aside from developing the site, you could use it as it is as a turn key investment in an area with strong appreciation and a very healthy rental market. All the utilities are paid for by the tenants and the building has 4 separate boilers and 4 separate hot water heaters You could combine 2 units to create a larger home while still preserving the rental income. Sites like this, delivered entirely vacant are a rare find in Astoria. If you decide to hold it and rent it as a 4 family to develop it at a later time the Projected income and expenses for the current building is available upon request, (cap rate above 7%). All vacant, no rent stabilization, all free market rents. Property qualifies for the new tax 485x , option C, tax abatement program.