Mixed-Use Development Opportunity

Highlights:

• Development Potential: Falling within R6A zoning with a C2-3 commercial overlay, the site supports 16,300 buildable SF as of right (ZFA) or 21,190 buildable SF if utilizing City of Yes (UAP).
• Significant Frontage: The site boasts 223 feet of front and back street frontage – 114 feet on 12th Street and 109’ on Astoria Boulevard – offering maximum light and air for efficient apartment layouts, multiple entrances, etc.
• Delivered Vacant: Property will be delivered 100% vacant, offering a blank slate for development.
• Rare Development Opportunity: Corner development sites of this size in Astoria are increasingly scarce, making this a standout acquisition for developers seeking a high-exposure, high-potential project.
• Transit-Rich Location: Just blocks from the Astoria Boulevard N/W subway station, offering direct access to Midtown Manhattan. Easy connectivity to the Grand Central Parkway, Brooklyn-Queens Expressway, and RFK Bridge.
• Neighborhood: Astoria remains one of NYC’s most stable and desirable submarkets, attracting residents and investors alike with its strong retail corridors and ongoing development activity.
• Condo Sellout Rates: Based on current market conditions in Astoria, new construction condominiums are achieving average sellout prices ranging from $950 to $1,150 per square foot, depending on design and finish level.
• City of Yes: » FAR Increase from 3.00 to 3.90. » Eased lot coverage restrictions, allowing for an expanded building envelope and efficient layouts. » Parking is no longer required, resulting in significantly lower construction and excavation costs, and greater potential for a residential lobby. » Maximum building height increased from 50 feet to 65 feet, allowing for a higher density build.

Documents: