Mott Avenue / Bay 24th Street_Property for Sale

Bay 24th Street, New York, NY, 11691, US

Mott Avenue / Bay 24th Street

Asset description

Mott Avenue/Bay 24th Street is a 19.44 Acre (14.59 unencumbered Acres) waterfront commercial lot with development potential along the Motts Basin in Far Rockaway, Queens. With direct access to the Motts Basin through the Property’s slip and bulkhead, this offering presents a rare opportunity to occupy, and/or reposition an undeveloped parcel of this size.

The Property is located just 20 minutes (6.4 miles) away from JFK Airport, ensuring convenient accessibility. With M3-1 zoning, the property supports a wide range of manufacturing uses, including industrial outdoor storage, and commercial development. Additionally, the Property qualifies for the Industrial and Commercial Abatement Program (ICAP), a tax incentive that reduces property taxes for a duration of 15-25 years. With robust fundamentals in the industrial/M-zoned sector, this Property presents a unique opportunity for investors or end-users.

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Attributes

Land area gross

59,044 sm

Zoning

M3-1 / R2

Media

Investment highlights

Outstanding Regional Connectivity
The Property is strategically located just 20 minutes (6.5 miles) away from JFK Airport, ensuring easy accessibility. Additionally, the Property allows for convenient access to the rest of the region, as it is well-connected to major roadways such as the Belt Parkway and I-678. The 10-minute walk to both the Far Rockaway-Mott Ave Subway Station (A-Train) and Far Rockaway Train Station (LIRR) creates easy access points for potential employees.
Wide Array of Potential Uses
Zoned M3-1, the Property supports a wide range of manufacturing uses, including industrial outdoor storage and commercial development, among others. Additionally, direct access to the Motts Basin further enhances the value proposition, providing additional opportunities for end-users or investors to unlock value.
Favorable Supply / Demand Fundamentals
New York City has experienced significant barriers to entry, coupled with a decline in industrial zoned supply (M-zoned lots have decreased by 15% since 2003). Furthermore, the city boasts a diverse pool of tenant demand, with an anticipated 50% increase in e-commerce demand on a go forward basis.
Waterfront Access
Located along the Motts Basin, the Property’s slip, bulkhead, and waterfront access present a unique opportunity for both investors and end-users to create additional value.
ICAP Tax Abatement Eligibility
The Property will be eligible for the Industrial and Commercial Abatement Program (ICAP), a tax incentive that directly reduces property taxes owed for a period of 15-25 years. To qualify for the abatement property owners must spend at least 30% of the property’s taxable assessed value to build, modernize, expand, or otherwise physically improve an industrial or commercial building.