49-08 Queens Blvd Queens, NY 11377

This exceptional 4,000 sq ft development site in Sunnyside, Queens, presents a compelling investment opportunity. Located at 49-08 Queens Boulevard, this C4-4A zoned lot boasts a buildable square footage of 18,413 sq ft, utilizing the Voluntary Inclusionary Housing bonus. The property currently features two buildings with two apartments and two stores, generating an annual income of $109,200. With potential for redevelopment, projected gross income is estimated at $229,200 annually. The site's dimensions are 40' x 100', offering substantial space for a new construction project. Its proximity to the 46th Street subway station (0.1 miles) provides convenient access to Manhattan. The recent implementation of the 485-x tax abatement under the ANNY program offers significant tax incentives for developers focused on rental housing. This location, bordering Long Island City, is experiencing significant growth in both residential and retail sectors, making this a highly attractive opportunity for developers and investors seeking to capitalize on the area's potential. Current leases expire in April 2025. The property is well-suited for a project encompassing approximately 23 units plus retail space.