Development Site 1 Block From 7 Train
5,000 Sq. Ft. development site in a high density residential area. Developers will benefit from the R6A, C1-4 zoning by being able to build a as-of-right 15,000 Sq. Ft. mixed-use building with (16) units and 2,300 Sq. Ft. of retail space (proposed). Residential rents in the area exceed $40 PSF (high). Direct comparables show a retail rents in excess of $100 PSF (very high). The lot has 50' of frontage and 100' of depth. The rectangular lot size will create very efficient floorplates in the future building. Developers will also benefit from low carrying costs during the entitlement process with $14,485 in taxes per year. Furthermore, demolition should be minimal due to the size of the current building. 96-11 37th Avenue is located .2 miles from the Junction Boulevard 7-Train Subway Stop which provides access to Manhattan in under 25 minutes, to Flushing in under 10 minutes, and to Hudson Yards (the new Manhattan Mega-Development) in under 30 minutes. The property also benefits from close proximity to high-traffic retail thoroughfares including Roosevelt Avenue, Junction Boulevard, and Northern Boulevard. This property represents a perfect opportunity for a developer to take advantage of Corona's exploding population growth and supply-constricted housing. The property will be delivered vacant at closing. All air rights are completely intact. Phase I available upon request.
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