I just closed on the largest residential development site in Queens located at 151-45 Sixth Road, between the Whitestone and Throgs Neck bridges along the northern Queens waterfront. The development was sold in a short-sale, all-cash transaction valued at $11,300,000 to a group of investors led by locally based Barone Management. The site has been riddled with legal and environmental issues for the past several years as the previous owner failed to bring this development to fruition and eventually cooperated with the lender allowing Massey Knakal to find a buyer who was willing and able to complete the project. The environmental issues were addressed and completed by the lender during the past couple of years.
The assemblage site contains an aggregate 18.35 acres which is comprised of 12.782 upland acres and 5.68 underwater acres which includes approximately 1,000 square feet of frontage along the northern Queens waterfront. The site contains 280,677 total home lot square footage with 168,406 buildable square feet on 52 home lots, with the sale price equating to approximately $67 per buildable square foot and $217,300 per lot. City approvals were obtained for the development of 52 detached luxury single family residential lots averaging over 3,200 sq. feet in size and lots generally ranging from 5,000 to 6,000 sq. feet. This section of Whitestone is a desirable, middle to upper income residential area, located between the neighborhoods of Malba and Beechhurst. Nine homes are envisioned to be on the waterfront and the remaining houses will all have some type of East River water-view exposure.
Due to the rarity of this asset we had interest from buyers from across the country to several international groups, at the end of the day it was a local developer who was the most aggressive and able to perform. A site and undertaking of this size will change the landscape of not only the immediate neighborhoods but can essentially transform the entire waterfront of northern Queens with a new Malba-like community (which is arguably the most desirable area to live in Queens). The new owners are hopeful that construction will start in the spring of 2013 and the first new houses standing by the end of next year.