Submit All Offers
84-14 Astoria Boulevard,
About this property
ONE Commercial Realty Services has been retained on an Exclusive Basis for the sale of 84-14 Astoria Boulevard in Queens. The subject property is a 16,850 SF prime retail strip positioned on a 35,020 SF lot. The zoning is R4B, R4, C2-3, allowing a Commercial Buildable of 1.0, Residential Buildable of 0.9 and a Community Facility Buildable of 2.0.
84-14 Astoria Boulevard is a unique development opportunity, largely due to its proximity to LaGuardia Airport. Just six minutes away (1.4 miles), LaGuardia is currently undergoing an $8 billion renovation, and is already ranked the 19th busiest airport in the country, per the FAA. In 2016 alone, it handled about 29.8 million travelers on more than 369,000 flights. The first half of this project will cost $4 billion and is considered the largest public-private partnership for infrastructure in the United States. Upon completion, a 1.3 million-square-foot building with 35 gates will replace the outdated “Terminal B”. A proposed 1.5-mile-long Air Train to LaGuardia is also in the works. It would connect with the New York City Subway and Long Island Rail Road (LIRR) in Willets Point in a similar manner to the Air Train at JFK Airport. Construction is expected to begin in 2019, and is projected to open by 2023.
In addition to being in proximity to millions of travelers, 84-14 Astoria Boulevard is just 3.4 Miles (11 minutes) by car to the Arthur Ashe Stadium, home annually to the U.S. Open Tennis Tournament, one of the largest and most viewed public events in the world. Last year 691,143 fans attended the tournament inside the stadium, while thousands of others flocked to the area just to be in proximity of it. Another venue nearby is Citi Field, just 2.3 Miles (9 Minutes by car) home to the New York Mets, who saw 2,460,622 fans attend their games in 2017.
From a development perspective, a mixed-use hotel makes sense, due to the large volume of tourists, travelers and fans that occupy this up and coming area of Queens every year.