For Sale
$1,850,000

2337 31St AveQueens, NY 11106

Prime Astoria residential land, R6A zoning

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional Astoria development site, located at 23-37 31st Ave, Queens, NY 11106, presents a lucrative investment opportunity. The 2,290 square foot lot (25x91.58), zoned R6A, allows for the as-of-right construction of 6,867 buildable square feet. Currently improved with a two-family building, the site offers the potential to build a six-story building with up to 10 residential units. Parking is waived for developments of 10 units or less, significantly reducing construction costs. This property is eligible for a 100%, 10-year tax abatement (485-x) with no income restrictions, providing substantial financial benefits. Its prime location, just 0.4 miles from the Broadway N/W subway station, ensures convenient access to public transportation. The surrounding area boasts a strong rental market, with rents averaging $70 per square foot, and is conveniently located near major retail corridors along Broadway and 30th Avenue. This combination of zoning, tax benefits, and location makes this a highly desirable development site in a thriving Queens neighborhood. The asking price is $1,850,000.

Highlights

  • 25' x 91.58' lot, R6A zoning; 6,867 buildable square feet (BSF) as-of-right.
  • Develop up to a six-story building with 10 residential units; parking waived.
  • Eligible for a 100%, 10-year 485-x tax abatement with no income restrictions.
  • 0.4 miles from the Broadway N/W subway station.
  • Strong rental market with $70 per square foot average rents.
  • Near major retail corridors along Broadway and 30th Avenue.

Property Details for 2337 31St Ave

Property type
Land

Location Insight

City
Queens
County
Queens
State
New York
Latitude
40.76618103503
Longitude
-73.92737482892
2337 31St Ave, Queens, New York

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2337 31St Ave
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