With low land rates and access to transportation, Rego Park has increased in value recently as more people are pushed from higher-priced neighborhoods, such as Astoria and Long Island City.
But the highly dense Rego Park has few vacant spaces for new properties, so prospective developers may have to snag an existing low-rise building so that they can expand it or tear it down and build anew.
That’s why investors have been salivating over the Rego Park office and retail mixed-use building at 97-29 64th Rd., which has a maximum of 67,000 square feet of buildable air rights, according to brokers from Cushman & Wakefield. The firm is marketing the building now for $12.5 million, and has received more than 100 inquiries and 14 “competitive” bids.
“The property is ideally located, near the subway as well as big box retailers, in one of the most desirable neighborhoods in northern Queens,” said Thomas Donovan of Cushman & Wakefield. “There is a tremendous amount of activity, and we are excited to sell it.”
A team comprised of Donovan, Eugene Kim, Tommy Lin and Robert Rappa is marketing the property.
The site consists of two contiguous two-story buildings with more than 20,000 square feet combined. Based on current zoning laws, the lot has 47,600 buildable square feet for commercial use or up to 67,200 square feet if a community facility, such as a school, church or medical facility, is added in development plans.
The property sits a block away from Queens Boulevard, where there are multiple mixed-use buildings stretching 13 stories high.
It is a short walk away from the 63rd Drive—Rego Park M and R train station, which provides access to Manhattan. Also, there is ample shopping nearby as it is just two blocks from Rego Center mall, and Queens Center and Queens Place malls are within walking distance as well.
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