Description

Located at 4908-4910 Queens Boulevard in Sunnyside, this development site offers a considerable 4, 000 Sq. Ft. lot size. It's zoned C4-4A with a Floor Area Ratio (FAR) of 3.45 or 4.6, allowing for a buildable area of 13, 810 Sq. Ft., or 18, 413 Sq. Ft. with the Voluntary Inclusionary Bonus. The property, situated just 0.1 miles from the 46th Street Street subway stop, offers easy access to Manhattan. This site is currently built as (2) buildings with (2) apartments and (2) Stores. The property is currently generating $109, 200 per year. Should the purchaser buy and rent, the property is expected to make $229, 200 per year (Gross). The double-wide lot provides substantial space for construction. The recent implementation of the 485-x tax abatement, under the Affordable Neighborhoods for New Yorkers ("ANNY") program, enhances the attractiveness of this opportunity, offering significant tax incentives for developers focused on rental housing. This property is well-suited for a rental developer or investor looking to capitalize on the growth and potential of Sunnyside, on the border of Long Island City and it's booming real estate market.

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Listed by: Alexandre Goulet