The Real Deal New York

Massive Willets Point development site hits the market

Northern Boulevard assemblage spans about three acres of land
By Eddie Small | November 07, 2018 05:30PM

129-02 Northern Boulevard and Stephen Preuss (Credit: Google Maps)

A development site in Willets Point spanning about three acres is hitting the market with an asking price of about $217 a buildable square foot.

The 137,000-square-foot site is located at 129-02 Northern Boulevard and allows development of 277,000 as-of-right buildable square feet. This make it the largest available assemblage in Northern Queens, according to Cushman & Wakefield broker Stephen Preuss, who is marketing the site.

It is currently home to a total of four industrial and manufacturing buildings and owned by Fodera Enterprises, which purchased it in 1974, according to city records.

The city reached a deal with Related Companies and the Wilpon family earlier this year to develop six acres at Willets Point Boulevard and Roosevelt Avenue with 1,100 affordable apartments, retail, a school and open space.

The $60 million price tag would make this transaction one of the largest development site deals of the year in Queens, falling behind only the $83.3 million sale of 11-12 30th Drive in Astoria from Criterion Group to Cape Advisors and Wainbridge. Other large development deals this year in the borough include the $33.3 million sale of 37-11 30th Street to Slate Property Group and the $33 million sale of 72-01 to 72-17 Queens Boulevard to the Hakimian Organization.