Cushman & Wakefield has won exclusive designation to market the last remaining developable parcel of land along the waterfront of the upscale community of Bayside, Queens.
Located on Little Neck Bay, 23-50 Water’s Edge Drive is an empty lot measuring 44,255 square feet, equal to about one acre in size. The purchaser will gain the right to develop 72,140 buildable square feet for community facility use. Among qualifying usage categories are medical facilities, schools, senior care facilities, houses of worship, day care centers and other potential uses.
The marketing team has set an asking price of $12 million.
“This property is literally unique,” said Stephen Preuss, the senior managing director with Cushman & Wakefield who is leading the sales team. “No piece of similarly developable land exists anywhere else in Bayside. Every other comparable location is either occupied or not suited for development.”
“While permissible uses are limited to community facilities, the owner will still enjoy an excellent investment opportunity within Bayside, a vibrant, upscale community,” he said. “There’s high demand for this kind of product, and similar facilities now in operation along nearby Bell Boulevard are doing very well.”
The lot now nominally known as 23-50 Water’s Edge Drive currently measures 96,698 square feet in size and is home to a 121,256- square-foot, multifamily rental building.
The adjacent, empty parcel for sale is being subdivided from the larger lot housing the apartment building. The new owner of the marketed property -- which will be delivered with subdivision approval -- will obtain net development rights as part of the spin-off process.
The waterfront site is surrounded by numerous co-operative and multi-family buildings together comprising more than 1,500 units.
The site is situated within a quarter-mile of Bell Boulevard, which features the Bay Terrace Shopping Center, multiple retailers, and easy access to both Cross Island Parkway and the Clearview Expressway. Bayside had a median household income of $72,114 in 2010.
