Investment Highlights
Located on the corner of 21st Street and 49th Ave, steps away from major transportation hubs
Property will be delivered vacant at closing
Long Island City is one of the fastest growing cities in NYC
Executive Summary
Silber Investment Properties is pleased to exclusively present the sale of 21-01 49th Ave, a 30 x 300 Ft development site with current As of Right zoning for M3-1. Strategically positioned on the corner of 21st St and 49th Ave, this subject property is located in close proximity to major transportation hubs including the Hunters Point Ave Subway Station(#7)/Long Island Railroad, m32 & m60 bus stops, and the Queens Midtown Tunnel. Once labeled as a manufacturing hub, Long Island City has shifted into a cultural center filled with museums, residences, shops, and facilities to support its label as one of the fastest growing cities in NYC. With a significant population growth of over 40% increase between 2010 and 2020, the Dept. of City Planning recognized infrastructure as a priority to fill the demand. This investment serves as an opportunity to capitalize on this growth without having to pay market value for zoning air rights while using the Uniform Land Use Review Procedure (ULURP) process to change the land use from M3-1 to R7X/ M1-5 or M1-6D (Special Mixed-Use) to do so. Please refer to the NYC ULURP zoning procedures and consult with your architect for highest and best use as well as timeline for the subject site. A survey is provided for your reference.The current lot has a 300 FT frontage with 30 FT of depth. The rectangular lot size will allow for a large building to be designed or can be subdivided into two smaller developments. The property currently has an existing 1 story structure that would need to be demolished. Property will be delivered vacant at closing.New developments in the area include 11-39 49th Ave which is located across the street from the subject property and has a zoning of M1-5/R7X. This 9 story/194 unit building, built in 2018, is a prime example of this growth and potential.
