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- LoopNet Team
21-48 44th Drive Dr
Long Island City, NY 11101
Long Island City 25' Wide Development Site · Land For Sale
·
0.06 AC
INVESTMENT HIGHLIGHTS
- 25' x 100' Lot Zoned M1-4/R7A, LIC. 10,000 Buildable Sq. Ft. As-of-Right.
- Occupied & Cash-Flowing - Can Be Delivered Vacant
- Waived Parking - Located Inside Manhattan Core & LIC Parking Area
- Located 2 Blocks from the Court Square 7-Train Subway Stop
- Average Nearby Condo Sellout ~$1,700/SF.
PROPERTY FACTS
DESCRIPTION
This property features a midblock lot spanning 2,500 square feet, located in the highly desirable Long Island City neighborhood. Measuring 25 feet by 100 feet, this site offers excellent potential for development in a prime location. Zoned M1-4/R7A, the property allows for the construction of a market-rate residential building up to 10,000 square feet. Additionally, under the recently passed Universal Affordability Preference, the development potential increases to approximately 12,525 square feet, making it an exceptional opportunity for affordable housing projects. Currently, the site hosts a 2,500-square-foot commercial/warehouse building occupied by month-to-month tenants, providing potential shortterm income while planning for re-development. This property offers a unique opportunity to capitalize on Long Island City's thriving market and favorable zoning regulations.
