Summary

8718-8720 Queens Boulevard is located in Elmhurst, Queens, at the northwest corner of Queens Blvd and 55th Road. The site, which has curb cuts on both 55th Road and Queens Blvd, is a 66.08' x 91.58' lot, approximately 6,100 sq ft, within an R6 zoning district with a C1-3 overlay. It boasts approximately 29,280 buildable sq ft. The lot is currently improved with two buildings on a single parcel. The location is ideal, just two blocks from the M and R subway stations. The as-of-right zoning allows for a residential FAR of 3.0X (approximately 18,300 buildable sq ft), a commercial FAR of 2.0X (approximately 12,200 buildable sq ft), and with the maximum facility bonus FAR of 4.8X, it offers up to approximately 29,280 buildable sq ft.

Problem

The site was encumbered by a long-term lease with a tenant option, which was negatively impacting its current development value. Additionally, the site was a former gas station, with underground storage tanks still in place and possibilities of contamination. 

Solution

We demonstrated to potential developers how the lots could be split, transferring air rights to the corner, thereby creating two lots: one as a development site utilizing all air rights, and the other as an income producing commercial building. Our surgical marketing strategy helped identify an all-cash buyer that purchased the site as-is, in an all-cash transaction. Development Site Advisors® sold the site for $4.85 million, which equates to $265 per buildable sq ft.