Astoria Mixed-Use Development
For Sale
Contact for pricing
Pending
42-01 28th Avenue, New York, NY 11103
Prime corner lot in Astoria with significant development potential.
Property Size14,725 SF
Lot Size0.34 Acres
Days on Market1083
Property Features for 42-01 28th Avenue
General Information
Standard status
Pending
Size
14,725 SF
Lot size
0.34 Acres
Property subtype
Mixed Use
Zoning
R6AR5,C1-2
Listing Agency:
NY SPACE FINDERS INC,
Listed By:
LUCA DICIERO · License #10351202702
(347) 242-0353
Source:
Crexi
Added: Nov 2, 2023
Changed: Oct 16
Last Checked: Oct 19 at 6:58AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of NY SPACE FINDERS INC,
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Investment Insights
Based on property information with market context.
This mixed-use development opportunity is located on a corner lot in Astoria, New York. The property, situated on the northeast corner of 42nd and 28th Avenue, is zoned R6 A, R5, C1-2 with a Zoning FAR of 47,100 square feet. The lot size is approximately 14,725 square feet, allowing for a project of approximately 67,861 total buildable square feet for residential and commercial development. Complete building plans offer a total of 60 units, divided as approximately 4,486 square feet of commercial space, approximately 42,600 square feet for 45 market-rate rental units, and 15 MIH units, plus approximately 8,240 square feet for 28 parking spaces. The project benefits from an Affordable New York 35-year real estate tax abatement and a 421A Footing Documented. Complete plans and a survey are available, and demolition has been completed and signed off, with SOE complete. The property's corner location, close to Steinway Street and Astoria Boulevard, provides visibility and accessibility, attracting foot traffic. It offers direct access to Midtown Manhattan in under 30 minutes and is adjacent to the N & W subway lines and bus lines. This development site is positioned to cater to Astoria's escalating needs, taking advantage of premium retail rentals and the demand for condos and high-priced rental apartments. The property presents an investment opportunity to join Astoria's progressive trajectory.
Key Highlights
- Large‑scale mixed‑use development opportunity with approximately 67,861 total buildable square feet.
- Benefit of Affordable New York 35‑year real estate tax abatement and 421A Footing Documented.
- Complete plans and survey available, demolition completed and signed‑off, and SOE complete.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$469,359
Cap Rate
4.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$9,387,180
$9.4M
Cap Rate 7%
$6,705,129
$6.7M
Cap Rate 9%
$5,215,100
$5.2M
Market Conditions
NOI Build-Up for 14,725 SF
Gross rent
$883.5K $60.00/SF
− Vacancy
−$132.5K −$9.00/SF
EGI
$751.0K $51.00/SF
− OpEx
−$281.6K −$19.13/SF
NOI
$469.4K $31.88/SF
Area
New York, NY
Vacancy
15.00%
Lease Rate
$60.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$9,387,180
Cap Rate 7%
$6,705,129
Cap Rate 9%
$5,215,100
Alternative Uses
Best Use
Mixed Use
$6.71M
$5.87M – $7.82M
NOI $469,359 @ 7.0% cap · market cap 4.47%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$36.65M
$32.07M – $42.76M
NOI $2,565,684 @ 7.0% cap · market cap 24.44%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
6,096
Businesses Nearby
Explore this area
Business Placement
Demographics for 11103, NY
37,362
Population
18,833
Households
2
Avg Household Size
36
Median Age
52%
College-Educated
89%
High-School Grad
0.7 sq mi
ZIP Area
53,374
Density / Sq Mi
$92,787
Median Household Income
$59,050
Median Earnings
$2,120
Median Rent
$1,003,500
Median Home Value
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Prime corner lot in Astoria with significant development potential.
Where is this mixed-use property located?
The property is located at 42-01 28th Avenue New York, NY.
What is the asking price?
The asking price for this property is $10,500,000.
What are key features of this property?
This property features: Large‑scale mixed‑use development opportunity with approximately 67,861 total buildable square feet.; Benefit of Affordable New York 35‑year real estate tax abatement and 421A Footing Documented.; Complete plans and survey available, demolition completed and signed‑off, and SOE complete.
