The subject is a 17,106 square foot parcel of land on the corner of Queens Boulevard and 43rd Street just three blocks from the entrance to the 7 train. The lot is currently improved with a single story building with 16,200 square feet divided into four retail units. With a zoning designation of C1-4/R7A, the property has a total of 68,424 buildable square feet for residential / mixed-use development. With all but 1,300 square feet vacant, the property poses an excellent development opportunity. This offering is for a developer to ground lease the entire property but only maintaing the 52,224 square feet of air rights (plus any additional acuired or granted air rights) for residential development. It shall be required that the entire first floor (with exception to lobby entrance) be developed as a retail condo and delivered back to ownership. The only lease in place belongs to P.J. Horgans who rents approximately 1,300 square feet at just under $5,000 per month through June 2018. As with the rest of the ground floor retail, this lease will remain property of current ownership.
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