30-05 Whitestone Expressway_Property for Sale

30-05 Whitestone Expressway, Queens, NY, 11354, US

30-05 Whitestone Expressway

Asset description

Residential Development Site with Scale the Heart of Flushing, Queens, one of the most vibrant and densely populated submarkets in Queens.

Jones Lang LaSalle (“JLL”) has been exclusively retained to represent 30-05 Whitestone Expressway (the “Site”, “Asset” or “Property”), a 81,150 square foot lot, with approximately 406,562 zoning floor area (ZFA) in the Flushing submarket of Queens. The site was rezoned via ULURP in 2023 providing for a R7A zoning district with Mandatory Inclusionary Housing.

The site benefits from Option 1 (25% MIH at 60% AMI) or Option 2 (30% MIH at 80% AMI), providing tremendous flexibility and scale for the incumbent developer. The property also benefits from recently passed City of Yes as well as the 485-X tax abatement, where it strategically sits outside of Zone A & Zone B. Further, the property is located within an Opportunity Zone opening up the ability to strategically capitalize the project.

As part of the ULURP the site has proposed plans, which are not binding nor approved, allowing the developer the flexibility to design the most efficient project.

30-05 Whitestone Expressway is poised to become a centerpiece of Flushing’s revitalization and growing demand for new residential product. This project will leverage the momentum created by the cultural and commercial momentum of Downtown Flushing’s popular corridors, as well as the nearby Willets Point rezoning.

As a new construction residential tower in an unparalleled location, 30-05 Whitestone Expressway is set to emerge as one of Flushing’s premier residential opportunities.

...

Attributes

Land area gross

81,150 sf

Building area gross

37,520 sf

Zoning

R7A

Media

Investment highlights

Residential Development Opportunity with Scale

A substantial 81,150 square-foot lot with ~406,000 zoning floor area (ZFA) in the highly desirable Flushing submarket of Queens. This rare offering presents an exceptional chance to develop a large-scale residential project in one of Queens most sought-after and most dense neighborhoods.

485-X Tax Exemption / City of Yes

The Site will be benefit from both the 485-X Tax Abatement and City of Yes programs. City of Yes allows buildings to add at least 20% more housing, if the additional units are affordable to households earning 60% of the Area Median Income. 30-05 Whitestone Expressway benefits from both the 485-X Tax Exemption and City of Yes program, providing significant tax advantages to a developer who is taking on this project. This project is eligible for the 485-X Tax Exemption under Affordability Option A, which is a 40 Year Tax Exemption with a 25% affordability component at 60% of AMI. The Property also has the optionality of MIH Option 1 (25% at 60% of AMI or lower) and Option 2 (30% at 80% of AMI or lower).

Strong Market Fundamentals

Flushing Main Street boasts the highest foot traffic among the entire outer boroughs, only outranked by Times Square, Penn Station, and 5th Avenue when Manhattan is included.

Residential Development Site Via ULURP

As part of ULURP the site will provide for a ~15,000 sq. ft. public open space along the southern corner of Farrington Street and 31st Road.

Height Increases

Height increases up to 235’ through the City of Yes.

Located in an Opportunity Zone

The Property is located within an Opportunity Zone, opening up the ability to strategically capitalize the project.