2337 31St Ave Queens, NY 11106

This exceptional Astoria development site, located at 23-37 31st Ave, Queens, NY 11106, presents a lucrative investment opportunity. The 2,290 square foot lot (25x91.58), zoned R6A, allows for the as-of-right construction of 6,867 buildable square feet. Currently improved with a two-family building, the site offers the potential to build a six-story building with up to 10 residential units. Parking is waived for developments of 10 units or less, significantly reducing construction costs. This property is eligible for a 100%, 10-year tax abatement (485-x) with no income restrictions, providing substantial financial benefits. Its prime location, just 0.4 miles from the Broadway N/W subway station, ensures convenient access to public transportation. The surrounding area boasts a strong rental market, with rents averaging $70 per square foot, and is conveniently located near major retail corridors along Broadway and 30th Avenue. This combination of zoning, tax benefits, and location makes this a highly desirable development site in a thriving Queens neighborhood. The asking price is $1,850,000.