Executive Summary
Modern Spaces Commercial + Investment Division has been exclusively retained to arrange for the sale of an exceptional development site located at 30-25 Queens Boulevard, 29-00 Northern Boulevard, and 29-14 Queens Plaza East (“QPX”) in Long Island City. QPX spans three tax lots encompassing 25,177 square feet of land along the corner of Queens Boulevard and Northern Boulevard. The current owners have arranged for a ZLDA from neighboring properties to allow for an additional 117,328 buildable square feet to be ready for use by another developer. The site, therefore, allows for a total of approximately 419,428 buildable square feet for residential or mixed-use development.
Situated adjacent to Sunnyside Yards in the back and unobstructed views over the 59th Street Bridge into Manhattan in the front, this is remarkably the most prime development site in Queens Plaza and one of the only pieces of land left to develop. The location benefits from a strong condominium market and a neighborhood where rapid absorption has substantially fostered rent growth and record-setting prices per square foot. Transportation is also convenient with the closest subway station at the corner. New retail and commercial business in neighboring buildings will only drive the potential value here by further connecting the streets into a live, work, play community.
Property Highlights
Best Development Site In Queens Plaza
The opportunity to build a tower with unobstructed views over the 59th Street Bridge into Manhattan cannot be beat. With all of the new construction projects rising in the area, this location is one of the few that will not be blocked from the front facing Manhattan where you have prime sunset views. Furthermore, this is one of the last pieces of land left to develop in Queens Plaza.
Situated Adjacent to Sunnyside Yards
The site is located directly in front of Sunnyside Yards which provides several benefits. City Planning has been discussing development options that would be similar to yet larger than Hudson Yards, which would provide new and favorable opportunities to residents and businesses in Long Island City. In addition, the Queens Plaza Special Zoning District states that lots adjacent to Sunnyside Yards do not need a rear yard, allowing a developer to be able to utilize the full lot coverage in the back of the site.
Subway Access at the Corner
The Queens Plaza Subway Station has an entrance at the corner of the site along Queens Boulevard. This station services the E, M, and R subway lines. Also within steps from the subject property is the Queensboro Plaza Subway Station servicing the N, W, and 7 lines.
Strong Condominium Market
The neighborhood is seeing a significant amount of development, but still has immense demand for more condominium product. This is evident in the pricing we are achieving at recently launched projects such as Skyline Tower and Zipper Building where numbers have topped over $1,700 per square foot for several units in contract, even during the pre-sales phase. QPX would be competitive with these buildings and we expect the trend of rapidly increasing sales volume and pricing to continue.
Rapid Absorption Fosters Rent Growth
Demand for new construction residential rentals has outpaced supply over recent years. As a result, rental pricing has surpassed several areas in Manhattan.
Live, Work, Play
The site is situated in the heart of Queens Plaza where it will benefit from the development of neighboring sites. The absorption of retail and commercial spaces in other buildings will continue to drive prices of future projects by further creating a community and neighborhood so that buyers and renters have places to eat, work, and play without having to travel too far.
Unparalleled Transportation Access
The site has easy access to travel to via plane, car, bus, or train. It is located within a 15 minute drive to LaGuardia Airport and 25 minutes to John F. Kennedy Airport. There is a Long Island Railroad station in Long Island City and future plans include adding a second station nearby. Traveling within New York City is made very convenient by the subway station being right at the corner of the property.
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