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    42-01 28Th Ave Queens, NY 11103

    Sponsored
    For Sale
    $10,500,000

    Prime Astoria corner lot, 60-unit potential.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    397
    This exceptional mixed-use development opportunity in Astoria, Queens, presents a turnkey project on a 14,725 square foot corner lot at 42-01 28th Avenue. Zoned R6A, R5, and C1-2, this site boasts a total buildable area of approximately 67,861 square feet, as per complete plans already in place. The approved plans encompass 60 residential units (45 market-rate and 15 affordable units) totaling roughly 42,600 square feet, plus approximately 4,486 square feet of retail space. An 8,240 square foot basement provides parking for 28 vehicles. Demolition is complete and signed off, and the Statement of Environmental Impact (SOE) is finalized. The property is 421-a tax abatement eligible (footing documented), significantly reducing tax burdens. Its strategic location on the northeast corner of 42nd and 28th Avenues offers excellent visibility and accessibility, benefiting from high foot traffic and proximity to major transportation arteries, including the N and W subway lines and bus routes. Astoria's vibrant community, cultural richness, and thriving businesses create a highly desirable location, with easy access to Midtown Manhattan in under 30 minutes. This project capitalizes on Astoria's growth, strong demand for residential and retail spaces, and the area's premium rental and condo prices. The site's potential for significant returns makes it an attractive investment for experienced developers seeking to participate in Astoria's continued transformation. The asking price is $10,500,000.

    Property Features for 42-01 28Th Ave

    General Information

    Property type
    Land

    HighLights

    • $10,500,000 asking price for a mixed‑use development project.
    • 14,725 SF lot (98' x 150') in Queens, NY (11103), zoned R6A, R5, C1‑2.
    • Approved plans for a 60‑unit building (45 market‑rate, 15 affordable), 4,486 SF of retail, and 8,240 SF of basement parking (28 spaces).
    • 421‑a tax abatement eligible (footing documented), complete plans, demolition complete and signed off, and Statement of Eligibility (SOE) completed.
    Property Profile Location Intelligence

    Current Use by Public Records

    Yugo food truck Restaurant

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Grocery Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Queens
    County
    Queens
    State
    New York
    Longitude
    -73.912076342254
    Latitude
    40.764775735351

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    FAQs

    What type of property is this?
    Land - Prime Astoria corner lot, 60-unit potential.
    Where is this land located?
    The property is located at 42-01 28Th Ave Queens, 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: $10,500,000 asking price for a mixed-use development project.; 14,725 SF lot (98' x 150') in Queens, NY (11103), zoned R6A, R5, C1-2.; Approved plans for a 60-unit building (45 market-rate, 15 affordable), 4,486 SF of retail, and 8,240 SF of basement parking (28 spaces).
    (347) 242-0353
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    42-01 28Th Ave Queens, NY 11103
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    Queens, NY 11103
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    Realmo Value Estimation

    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.

    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.

    Alternative use

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

    More about this property
    42-01 28Th Ave Queens, NY 11103
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