42-61 24th Street
Long Island City, Queens
Residential Development Site with +/- 150,000 Square Feet of ZFA-As-of-Right and Over 350' of Combined Frontage on 24th Street and 43rd Avenue
|Neighborhood||Long Island City, Queens|
|Properties||42-61 24th Street|
|Lot Size||150,000 Square Feet|
Meridian Investment Sales is pleased to present the exclusive offering for 42-61 24th Street aka 24-01 43rd Avenue, a prime development site located at the northeast intersection of 24th Street & 43rd Avenue in the heart of Long Island City. Included in the offering is the neighboring lot that is currently used as surface parking. With 150’ of frontage on 43rd Avenue and a combined 165’ of frontage on 24th Street, 42-61 24th Street benefits from incredible light/air and sweeping views of Manhattan. In addition, located in the flexible M1-5/R9 & M1-5/R7-3 zoning district and Special Long Island City Mixed-Use District (Queens Plaza subdistrict, designation B/C), investors will have the opportunity to develop a luxury mixed-use tower featuring over 150,000 SF of ZFA. Given that condominium, sellouts are regularly in excess of $1,600 PSF and luxury residential rental prices are roughly $60 PSF, investors have the option for luxury rentals or individual condominium sellout. Currently configured as a five-story flex industrial building, all tenants have early termination options in their lease allowing for a clear and immediate path to vacancy. With significant frontage totaling 315’ along 43rd Avenue and 24th Street, development sites of this magnitude are a true rarity in the exclusive neighborhood.
The surrounding blocks contain an array of parks, trendy eateries, and breweries providing future residents of the property unmatched neighborhood amenities. With seven different subway lines just steps from the property, tenants will enjoy the ease of transportation throughout Queens and Brooklyn and into Manhattan. As a result of the proximity to Manhattan, Long Island City continues to be a hub for new companies establishing a presence in New York City. For instance, directly across the street from 42-61 24th Street will be a new construction 1 million SF development that will feature a blend of retail, residential, and hotel use and serve as a demand driver for the subject site. The extraordinary growth and demographic makeup have resulted in continuing demand for both residential and commercial development. As a result of the influx of new office tenants coupled with the relative affordability and access to public transportation, 42-61 24th Street allows investors the opportunity to acquire a prime residential development site of scale.