144-61 Roosevelt Ave, Flushing, NY, 11354-6252, US

144-61 Roosevelt Avenue (2025)

Attributes

Land area gross

4,289 m²

Zoning

Asset Description

Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis to arrange the sale of 144-61 Roosevelt Avenue (the “Site”), a ~222,000 BSF development opportunity in Flushing, Queens. The 46,164 SF block through lot is ideally situated between 38th Avenue and Roosevelt Avenue, only a 5-minute walk from Downtown Flushing. The Property is three (3) blocks from the Main Street Subway Station, providing unparalleled access to the 7 train and LIRR. 144-61 Roosevelt Avenue provides developers with an unmatched opportunity to build a residentially driven mixed use project at scale with outstanding access to transportation in a thriving sub-market. The Site is located within the favorable R6 zoning district which allows for residential and/or community facility as-of-right. Community facility zoning is prominent in Flushing, as it allows for a variety of non-residential uses such as non-profits, schools, and medical facilities, while also enabling mixed-use developments and facilitating a well-rounded neighborhood. 144-61 Roosevelt Avenue receives a maximum FAR of 4.8 for community facility, which translates to 221,587 BSF approximately. Alternatively, a mixed-use condominium development could utilize both the maximum base FAR for residential of 112,179 BSF coupled with the remaining 109,408 BSF of community facility at the base of the project.

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Investment Highlights

DEVELOPMENT POTENTIAL

The Site is delivered vacant, allowing prospective developers to immediately commence demolition. The R6 zoning designation permits a base residential FAR of 2.43, which translates to a 112,179 BSF Site. With the bump from the UAP, the Site’s potential increases to 180,040 BSF. The remaining buildable square footage, ranging from 41,547 to 109,409 depending on the chosen residential scheme, can be allocated towards community facility use.

STRONG RESIDENTIAL MARKET

Flushing has evolved into one of the most sought-after residential neighborhoods in the outer boroughs. Flushing has experienced a flourishing real estate market, with growing demand for both residential and commercial spaces from those seeking proximity to Manhattan combined with the affordability of Queens. Moreover, with the new 485x program now in-place, a rental project at 144-61 Roosevelt Avenue is not only viable, but a prime candidate to become one of the first projects to be developed under the program.

EXPANSIVE, BLOCK THROUGH LOT

The Site features 158’ of frontage along Roosevelt Avenue and 90’ of frontage along 38th Avenue, combining to create a sizable land parcel containing over an acre of square footage

(46,164 SF).

EXCELLENT CONNECTIVITY

The Site has immediate access to 7 Train located at the Main St – Flushing subway station. The 7 train provides connectivity through Queens and to Grand Central Station in Manhattan.

PRIME FLUSHING LOCATION

The Site has proximity to major destinations including Citi Field, Flushing Meadows Corona Park, USTA Billie Jean King National Tennis Center, and La Guardia Airport. Furthermore, Flushing offers an unparalleled blend of culture, cuisine, and commerce, all contributing to its rapid growth and transformation.