LOCATED IN DESIGNATED OPPORTUNITY ZONE
Modern Spaces is excited to announce that we have been retained on an exclusive basis to arrange for the sale or ground lease of 39-40 30th Street. The corner property is located just two blocks north of Queens Plaza.
The Property: The property has a footprint of 14,167 square feet and offers more than 230 feet of corner frontage along 40th Avenue and 30th Street. The site is currently improved with a two story, 20,000 square foot commercial building that will be delivered vacant. With a zoning designation of M1-3 / R7X, a developer has an as-of-right buildable square footage of 70,835 for mixed-use development. The land exists on a slope, which offers the opportunity to construct additional square feet that does not count against ZFA. In addition, above grade automated parking can be added for additional value that does not apply to ZFA limits.
The Location: The subject property is in one of the most valuable locations in Western Queens. Local neighbors include Citibank, Metlife, Barclays, HSBC, JetBlue, Silvercup Studios, CUNY Law, 20,000 new and in-progress luxury housing units and well over one million square feet of class A office space. Transit options are among the best in New York City, as both Manhattan and Brooklyn are only stops away from the seven nearby subway lines (E, M, G, N, R, W & 7), two of which (N & W) have a station located around the block. Road access to the rest of the city and beyond is served by The Queensboro Bridge, The Midtown Tunnel, The Brooklyn – Queens Expressway, The Long Island Expressway and The Pulaski Bridge.
THE VALUE: Demand for luxury residential, local retail, and high end office space continues to be at record levels. Local residential values have topped $70 per square foot for rentals and $1,250 per square foot for condominium sales. Retail rents are nearing $100 per square foot in the immediate vicinity and class A office space can rent for more than $45 per square foot.
BROWNFIELD CLEANUP PROGRAM: The subject property was approved into the Brownfield program in June 2014. In December 2017, the site received its Certificate of Completion, which declares the site clean per NYS standard and also offers substantial tax credits for a developer. Within Track 4, a developer would be entitled to a tax credit of 28% for all “Site Preparation” costs (demolition, excavation, shoring, soil disposal, etc.) as well as an additional 10% – 12% of all construction hard costs. We estimate a yield of approximately $3.25 million in potential tax credits.
GROUND LEASE OPPORTUNITY: The long term ground lease option is prime for a developer looking to take advantage of the robust new development market without having to compete with record-setting and increasing land prices in Long Island City. In addition, ground lease rent can be used as a deductible line item expense on a rental project.
|Type:||Development / Land / Conversion|