Bay Terrace Development

COUNTRY CLUB FOR SALE OVERLOOKING LITTLE NECK BAY - 32,405 BUILDABLE SQUARE FEET

217-14 24th Avenue, Bay Terrace, NY 11360
Asking Price Submit Offers
Type Development Site
Neighborhood Bayside, Queens
Properties 1
Lot Size 64,810 SF
Zoning Code R1-2
Size Approximately 1.5 acres
Stories n/a
Units Two Contiguous Lots
Air Rights None

Investment Highlights:

Meridian Investment Sales is pleased to present the exclusive offering for the Bay Terrace Development Site, which spans approximately 1.5 acres overlooking Little Neck Bay. Located at 217-14 24th Avenue in the desirable Bay Terrace enclave, the property is subject to a NNN lease expiring in October 2021 to the Bay Terrace Country Club per terms of a bankruptcy agreement. Spanning two contiguous tax lots, the Bay Terrace Country Club includes a clubhouse, café, tennis courts, basketball courts, and swimming pool.

The development site is ideal for a country club given its serene location in an affluent community. Currently zoned R1-2, the site permits single family development with a maximum as-of-right Zoning Floor Area (“ZFA”) of 32,405 square feet. Residences in this desirable community with views of Little Neck Bay would command significant premiums. Further, given the unique site and denser residential zoning on the surrounding blocks, investors have the option to request a zoning variance to allow for a residential tower which would require a ULURP process. The NNN lease, which expires in October 2021, will mitigate carrying costs while investors finalize development plans. There is currently an existing current mortgage balance of approximately $1,215,000 that can be utilized to help reduce Mortgage Recording Tax savings.

Location:

Situated within the larger Bayside neighborhood of Queens, Bay Terrace is a prosperous residential community across Little Neck Bay from Long Island

Property Listing Contact:

David Schechtman // Senior Executive Managing Director // 800 3rd Ave., New York, NY // 212.468.5907 // dschechtman@meridiancapital.com

Lipa Lieberman // Managing Director // 800 3rd Ave., New York, NY // 212.468.5908 // llieberman@meridiancapital.com

Abie Kassin // Director // 800 3rd Ave., New York, NY // 212.468.5909 // akassin@meridiancapital.com