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    Astoria Boulevard Development Opportunity Title is generated by Realmo AI

    84-02 Astoria Boulevard, Queens, NY 11370

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    For Sale
    $22,500,000

    Development site near LaGuardia Airport, suitable for medical or mixed-use.

    Type:Land or Vacant Lot
    Property size:
    35,020 SF
    Lot size:
    0.80 Acres
    Price / SF:
    $642/SF
    Added:
    Apr 24, 2026
    Days on Market:
    35
    Last Refresh:
    May 27 at 7:37 am

    Property Features for 84-02 Astoria Boulevard

    General Information

    Standard status
    Active
    Size
    35,020 SF
    Lot size
    0.80 Acres
    Property subtype
    Land or Vacant Lot

    Building Details

    Year Built
    1952

    We can help!

    Listing Contact
    Chris Cavorti
    Chris Cavorti

    Listing agent Chris Cavorti License #10301206385

    Listing office Williamsburg

    Listing date Apr 24, 2026

    Source Corcoran

    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 Williamsburg

    HighLights

    • DOB Approved for a 116,217 Gross SF community facility development site with 221 integrated parking stalls, purpose‑designed for healthcare use.
    • Delivered fully vacant, demolition‑ready, eliminating entitlement and timing risk.
    • Located adjacent to LaGuardia Airport, offering direct airport access and high visibility.
    • Potential for mixed‑use new development with approximately 70,040 square feet of buildable area under current zoning.
    • Strategic location in a high‑growth Queens medical corridor, minutes from the Willets Point casino development.
    • Potential for increased development potential through rezoning to R7D / C2‑4.

    Overview

    This development opportunity is located at 84-20 - 84-24 Astoria Boulevard in East Elmhurst, NY. The fully vacant site spans 35,020 square feet over a full city block near LaGuardia Airport. It is suitable for a medical community facility or mixed-use new development. Approved plans are available upon request. The property has DOB-approved plans for a 116,217 gross square foot community facility development site, including space above and below grade, with 221 integrated parking stalls. The site is purpose-designed for healthcare use, featuring structured parking and direct airport access. It offers visibility and connectivity to the LaGuardia Airport modernization project. The location is positioned within a high-growth Queens medical corridor. The property is fully approved and demolition-ready. Under the current zoning of R4B & R4 with a C2-3 commercial overlay, the lot can accommodate approximately 70,040 square feet of buildable area, combining up to 35,020 square feet of residential space, 31,518 square feet of commercial space, and 3,502 square feet for a community facility. The site is located on a high-visibility corridor adjacent to LaGuardia Airport and near the Willets Point casino development. It benefits from strong transit access, proximity to major economic drivers, and FAA compliant height limits, making it ideal for a retail and residential mix, extended-stay lodging, or medical/community facilities. Ownership has initiated the early feasibility and due diligence process for a potential rezoning application with the Department of City Planning. A successful rezoning to R7D / C2-4 could increase the allowable development potential to an estimated 5.06 to 5.6 FAR, subject to final zoning analysis, City Planning review, and required approvals.
    Location Intelligence

    Current Use by Public Records

    Jakari J Salon Hair Salon

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Queens
    County
    Queens
    State
    New York
    Longitude
    -73.916955
    Latitude
    40.769791

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    FAQs

    What type of property is this?
    Commercial land - Development site near LaGuardia Airport, suitable for medical or mixed-use.
    Where is this commercial land located?
    The property is located at 84-02 Astoria Boulevard Queens, NY.
    What is the asking price?
    The asking price for this property is $22,500,000.
    What are key features of this property?
    This property features: DOB Approved for a **116,217 Gross SF community facility** development site with 221 integrated parking stalls, purpose‑designed for healthcare use.; Delivered fully vacant, demolition‑ready, eliminating entitlement and timing risk.; Located adjacent to LaGuardia Airport, offering direct airport access and high visibility.
    (914) 804-7091
    We can help!
    Listing Contact
    Chris Cavorti
    Chris Cavorti
    Real Estate License ID: 10301206385
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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