Invictus Property Advisors has been exclusively retained for the sale of 44-14 31st Avenue (the “Property”), a vacant block-through six (6) lot development assemblage opportunity in Astoria, Queens.
The Property is situated along a main commercial strip on 31st Avenue with frontage on 31st Avenue, 45th Street, Newtown Road and 1 block away from the 46th Street Subway Station on Broadway servicing the M, & R lines.
The property presents developers with the opportunity to build a total of 31,915 Buildable Square Feet (“BSF”) with 140’ of wrap around frontage on 31st Avenue and 60’ of frontage on Newton Road. From the City of Yes, parking requirements are now waived since the site is within Zone 1 (Inner Transit Zone / Manhattan Core / LIC).
The owners of the Property own the adjacent parcel at 44-12 31st Avenue (Block 710, Lot 113) and will be transferring approximately 915 SF of Transferrable Development Rights (i.e. Air Rights) to the subject Property, this amount is included in the 31,915 BSF.
TOWN CENTER ZONING & QUALIFYING RESIDENTIAL SITES
On December 5, 2024, New York City approved the City of Yes for Housing Opportunity Zoning Reform Plan. One key provision, Town Center Rezoning, aims to promote higher-density mixed-use development along key commercial corridors while maintaining neighborhood character.
Under this rezoning framework, properties zoned R1-R5 with a commercial overlay on a main thoroughfare—defined as a wide street or a short block—are eligible for increased density. Specifically, the allowable Floor Area Ratio (FAR) increases from 1.25 as-of-right to 2.50 as-of-right, for sites with a commercial overlay. For a site to be a Qualifying Residential Site, the lot size must be above 5,000 SF, have frontage on a wide street, located in the Greater Transit Zone, and within R3-R5: these sites receive 2.0 as-of-right FAR.
For 44-14 31st Avenue, this zoning change presents a transformative opportunity to capitalize on increased development capacity in one of Queen’s most dynamic areas. Furthermore, because the proposed project would be below 50,000 BSF, the Town Center Rezoning would not require affordable units (i.e. UAP) to be constructed here.
INNOVATION QUEENS
Innovation QNS is expected to further drive residential and commercial development in Astoria. Located between 35th and 36th Avenue and spanning from 37th to 43rd street, City Council has approved the $2 billion megaproject that will bring over 3,100 new apartments, new community recreation centers, supermarkets, medical offices, and more.
