33-10 28th Avenue is a 2,723 Sq. Ft. boutique development site in a prime high-density Astoria location with tremendous residential supply constraints. Developers will benefit from the R6A zoning by being able to build an as-of-right 8,171 Sq. Ft. residential building with (10) units. New development condo sales in the area exceed $1200 PSF. Direct comparables show residential rents in excess of $50 PSF. The lot has 27.21' of frontage and 100.1' of depth. The rectangular lot size will create efficient floorplates in the future building. Developers will also benefit from low carrying costs during the entitlement process with $8,693 in taxes per year. Furthermore, demolition should be minimal due to the size of the current building (1,800 Sq. Ft.) 33-10 28th Avenue is located .2 miles from the 30th Avenue subway stop which provides access to Manhattan in under 20 minutes, and to Long Island City in under 10 minutes. The property also benefits from close proximity to high-traffic retail thoroughfares including 30th Avenue, 31st Street, and Astoria Boulevard, Steinway Street, and Ditmars Boulevard. This property represents a perfect opportunity for a developer to take advantage of Astoria's exploding growth and popularity as well as it's thriving condo market. The property will be delivered vacant at closing. All air rights are completely intact.
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