Asking Price: $3,100,000

Transcription

1 Property Description: GFI Realty Services, LLC is pleased to present the exclusive offering of Cornaga Avenue, two contiguous lots with 100 of frontage located in Far Rockaway, Queens. The parcels offer approximately 61,153 maximum buildable sf with community facility. The lots, one of which is vacant and the other occupied by a vacant singlestory structure, reside on a footprint totaling 15,161 sf. The maximum allowable floor area ratio is 4.8 and zoning is C2-4 (Special Downtown Far Rockway District). The site offers the opportunity for mixed-use, commercial and/or residential development. The parcels are ideally situated in The Rockaways where there has been a resurgence of development activity following rezoning that occurred in The rezoning permitted higher, bigger buildings within a 23-block area of downtown and is expected to result in the creation of over 3,100 apartments, nearly 164,600 gross square feet of retail space, and over 80,900 gross square feet of community facility space. The property is surrounded by numerous national and local businesses as well as institutions located along Mott Avenue and Beach 20 th Street. It is also conveniently situated just blocks away from the A & S subway lines located at the Far Rockaway Mott Avenue station. Block/Lot Assessment Taxes Lot Size Maximum Buildable SF Zoning FAR Tax Class Mortgage 15564/42 & 40 $230,220 $24, x 163 (Lot 42) 40 x (Lot 40) 40,109 SF (Mixed-Use) 61,153 SF (with Community Facility) C2-4 (Special Downtown Far Rockway District) Delivered free and clear. Asking Price: $3,100,000 Price Per Buildable SF: $77 Price Per Buildable SF (Comm. Facility): $51

2 PROPERTY PHOTOS 1915 Cornaga Avenue 1919 Cornaga Avenue

3 AERIAL

4 ZONING ANALYSIS Lot Area: Zoning District(s): Commercial Overlay: Zoning Map: Street Type: 15,161 SF R6 Underlying District - MIH/R5 C2-4 (Special Downtown Far Rockaway District) 31a Cornaga Avenue - Narrow Street TOTAL RESIDENTIAL FAR ALLOWANCE = 32, FAR: (Comm.) C4-2; 3.40 maximum for commercial use TOTAL COMMERCIAL FAR ALLOWANCE = 40, Thus x 3.4 = 40, SF Maximum of Commercial floor area FAR: (Community Facility) C4-2 portion; 4.80 maximum for such use Thus x 4.8 = 56, SF Maximum of Community facility floor area R5 portion; 1.25 maximum for such use Thus x 1.25 = 4,203 SF Maximum of Community facility floor area. TOTAL COMMUNITY FACILITY FAR ALLOWANCE = 61,152.90

5 ZONING OVERVIEW C1 & C2 (C1-1, C1-2, C1-3, C1-4, C1-5) & (C2-1, C2-2, C2-3, C2-4, C2-5) - C1-1 through C1-5 and C2-1 through C2-5 districts are mapped as commercial overlays within residence districts. They are mapped along streets that serve the local retail needs of the surrounding residential neighborhood, and are found extensively throughout the city's lowerand medium-density areas, and occasionally in higher-density areas. Typical retail uses include grocery stores, restaurants and beauty parlors, catering to the immediate neighborhood. C2 districts permit a slightly wider range of uses - such as funeral homes and repair services - than C1 districts. In mixed residential/commercial buildings, commercial uses are limited to one or two floors and must always be located below the residential use. When commercial overlays are mapped in R1 through R5 districts, the maximum commercial floor area ratio is 1.0; when mapped in R6 through R10 districts, the maximum commercial FAR is 2.0. Commercial buildings are subject to commercial bulk rules. Overlay districts are distinct from other commercial districts in that residential bulk is governed by the residence districts within which the overlay is mapped. All other commercial districts that permit residential use are assigned a specific residential district equivalent. However, when residences are constructed in any commercial district, certain regulations that apply in residence districts are waived, such as front and side yard requirements. Unless otherwise indicated, the depth of overlay districts ranges from 100 to 200 feet. Generally, the lower the numerical suffix, the more off-street parking is required. For example, in C1-1 districts, typically mapped in outlying areas of the city, a large food store would require one parking space for every 100 square feet of floor area, whereas no parking would be required in C1-5 districts, which are well served by mass transit.

6 DEVELOPMENT MAP

7 TRANSIT MAP The parcels are located just a few blocks away from the A & S subway lines located at the Far Rockaway Mott Avenue subway station.

8 PROPERTY MAP For Commercial Financing Contact: Will Watkins Daniel Lerer Senior Director of Finance Director, Finance Licensed Real Estate Salesperson Licensed Real Estate Salesperson P. (212) P. (212) E. E.