The Real Deal New York

Largest Queens development site will sell “for a very deep discount”

January 09, 2012 09:00AM

The largest development parcel in Queens is up for sale, but a buyer is going to struggle to build anything other than 52 single-family homes on the 18-acre, waterfront site. The New York Daily News reported that the former industrial site 151-45 6th Road hit the market in December with Stephen Preuss, first vice president of sales at Massey Knakal Realty Services, who said it will “sell for a very deep discount.”

The 18 acres sit on a desirable part of Whitestone Queens, where homes typically sell for more than $1 million, according to the Daily News. In 2008 it was rezoned for residential use, and the owner received approval for 52 single-family homes. Now that the property is back for sale, local residents worry that a new buyer will have more ambitious plans to a neighborhood they say is already being overbuilt. “If a developer intends to do something else, they can expect to get a huge fight,” said State Sen. Tony Avella.

Local realtors said the land is worth as much as $40 million, even though five of its acres sit under water, but would be difficult to sell because of the cost of building homes and community opposition. Preuss did not include an asking price with the listing.

Public records show the property was purchased in 2005 for $25.75 million by an entity that shares an address with the Bayrock Group. [NYDN]

  • blazingsun

    Still overpriced- need a stronger location. This is in the middle of nowhere

  • Marcus

    Hey Realtors – if you can’t sell it at $40 million, it ain’t worth $40 million. Also, how can the broker say it will sell at “a very steep discount” if there is no asking price? Discount to what?