Remarks

For the first time in 40 years, an unparalleled development opportunity has emerged on one of Jamaica's most prominent corridors. 90-40 Parsons Boulevard presents a prime development site, encompassing a substantial 3,972 square foot lot with an exceptional Walk Score of 98. Zoned C6-3/C4-5X with a Floor Area Ratio (FAR) of 6.59 or 7.90, this property allows for a significant buildable area of 26,166 Sq. Ft., expanding to 31,389 Sq. Ft. with the UAP. For visionary developers poised to capitalize on potential upzoning, the future ZFA for this property could further increase to approximately 43,284 Sq. Ft. with the affordability component, offering immense development potential. Strategically located just a few short blocks from the LIRR Jamaica station, this site offers seamless and rapid access to Manhattan, cementing its appeal for future residents or commercial tenants. Currently, the property comprises two existing buildings housing two residential units, one office, and three ground-floor retail spaces, generating a current projected annual income of $234,000. This property is exceptionally well-suited for a discerning rental developer or a strategic investor looking to capitalize on the robust growth and immense potential of Downtown Jamaica's booming real estate market. This is a rare chance to secure a significant footprint in one of New York City's most dynamic and rapidly evolving neighborhoods.

Details

MLS#: 11548786
Price: $3,330,000

Style: Commercial Building
Bedrooms: 0
Baths Full: 0
Baths Half: 0
Sq Ft: 0
Year Built: 1931

County: Queens
Tax Fee: 33746