Astoria Mixed-Use Development
42-01 28th Avenue New York, NY 11103
42-01 28th Avenue, New York, NY, 11103
Contact for pricing
For Sale
Contact for pricing
Pending
Prime corner lot in Astoria with significant development potential.
Property Size14,725 SF
Lot Size0.34 Acres
Days on Market990
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
Listing Agency
NY SPACE FINDERS INC,
(347) 242-0353
Listed by
LUCA DICIERO · License #10351202702
Source
Crexi
Added: Nov 2, 2023 Checked: Jul 16 at 3:24 am
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,
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.
Local Financial Insights For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $883.5k | $60.00 |
| − Vacancy | −$132.5k | −$9.00 |
| EGI | $751.0k | $51.00 |
| − OpEx | −$281.6k | −$19.13 |
| NOI | $469.4k | $31.88 |
14,725 SF · lease $60.00/SF/yr · vacancy 15.00% · expense 37.50%
Alternative Uses
Best Use
Retail
$29.60M
$25.90M – $34.54M
NOI $2,072,169 @ 7.0% cap · market cap 19.73%
Second Best
Mixed Use
$6.71M
$5.87M – $7.82M
NOI $469,359 @ 7.0% cap · market cap 4.47%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Isalis
(Bike/Boat/Book/etc) Store
Party City
Party Supply Store
Skunk Funk
Big Box & Wholesale Store
Carl's Trading Co
Hat Shop
Bushka's Kitchen LLC
(Bike/Boat/Book/etc) Store
Similar For Sale Nearby
FAQs
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.
