21-01 49Th AveQueens, NY 11101

Property Details for 21-01 49Th Ave

Property type

Other commercial real estate

Property subtype

Other land

Description

This exceptional 9,000 square foot development site, located at 21-01 49th Avenue in Long Island City, Queens, presents a compelling investment opportunity. The property boasts a desirable M3-1 zoning designation, allowing for a variety of commercial, industrial, and residential uses. With dimensions of 30 feet by 300 feet, the rectangular lot offers significant flexibility for development, potentially accommodating a large-scale project or subdivision into smaller developments. The site's strategic corner location at the intersection of 21st Street and 49th Avenue provides excellent visibility and accessibility. Convenient proximity to major transportation hubs, including the Hunters Point Avenue Subway Station (7 train), Long Island Railroad, and various bus routes, ensures easy commutes for residents and employees. The Queens Midtown Tunnel also offers convenient access to Manhattan. Long Island City's rapid growth, with a population increase exceeding 40% between 2010 and 2020, underscores the area's strong potential. The existing one-story structure on the property will require demolition, and the property will be delivered vacant at closing. A survey is available for review. The current property taxes are $57,864 (2024). The asking price is $8,750,000, translating to $486 per buildable square foot (based on a maximum allowable commercial floor area ratio of 2, yielding 18,000 buildable square feet). Nearby developments, such as the 194-unit building at 11-39 49th Avenue, showcase the area's ongoing transformation and the potential for significant returns. The Uniform Land Use Review Procedure (ULURP) can be utilized to explore alternative zoning options, such as R7X/M1-5 or M1-6D (Special Mixed-Use). Consult with your architect to determine the highest and best use and project timeline.

Location Insight

City

Queens

County

Queens

State

New York

Latitude

40.7425

Longitude

-73.9491

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