It marketed as a “rare Flushing development opportunity” in the increasingly popular area, which has another five-story hotel being developed a block away at 31-06 Linden Pl.
A proposed zoning change will increase the site’s potential for a mixed-use project or hotel development, but broker Stephen Preuss says that the most aggressive potential buyers seem to intend to go forward with a mixed-used development of commercial and residential space rather than a hotel.
After upzoning, the amount of buildable square feet would be in the range of 385,000 square feet, with around 200,000 square feet of that total used for residential space.
With the upcoming rezoning used as a key factor in the site’s sale, Preuss expected the change to be approved as planned, and said that the city planning department is already going through the necessary process to codify the new zoning.
“Everything looks positive at this point,” Preuss said.