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Bayside waterfront site for sale: Cushman & Wakefield.

Cushman & Wakefield has won exclusive designation to market the last remaining developable parcel of land along the waterfront of Bayside, Queens.

Located on Little Neck Bay, 23-50 Water's Edge Drive is an empty lot measuring 44,255 s/f, 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."

The lot now nominally known as 23-50 Water's Edge Drive currently measures 96,698 s/f in size and is home to a 121,256 s/f multi-family rental building.

The adjacent, empty parcel for sale is being subdivided from the larger lot housing the apartment building. The new owner of the property--which will be delivered with subdivision approval--will obtain net development rights as part of the spin-off process.

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Title Annotation:SELLING POINTS
Comment:Bayside waterfront site for sale: Cushman & Wakefield.(SELLING POINTS)
Publication:Real Estate Weekly
Date:May 31, 2017
Words:208
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