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Located in the heart of Downtown Flushing, this rare development opportunity consists of two combined lots with a total lot size of approximately 16,000 square feet. The property is zoned R4 and offers strong potential for residential and mixed-use development. The site benefits from an established development pathway with DOB approval in place. Based on available parameters, the property allows for a Residential FAR of approximately 1.5 (up to 24,000 buildable square feet) and a Community Facility FAR of 0.4 (approximately 6,400 square feet). The site supports construction of a 4-story or higher building, subject to applicable regulations. A proposed development scheme includes approximately 29 condominium units, with a total residential buildable area of approximately 16,000–24,000 square feet, along with 6,400 square feet of community facility space. The cellar level may be fully utilized for community facility or other permissible uses, and the property has the potential to accommodate a two-level underground parking garage. Alternatively, the site offers flexibility for subdivision or townhouse-style development, with the potential to build 5 or more multi-family residences (3-family or greater), each approximately 20 x 70 feet. A recent boring test indicates that the water table is approximately 35 feet or deeper, which is favorable for underground construction and may help reduce development complexity and costs. This prime location is surrounded by established residential and commercial amenities, with convenient access to transportation, making it an excellent opportunity for developers and investors. All development potential, zoning, and usage should be independently verified by the buyer’s architect and/or engineer.
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Listed by Sophia X. Yao (#KEY182694)
Listing Office: Chase Global Realty Corp (#KEYCHSG01)
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