The Real Deal New York

Rare development site in northern Queens hits the market for $45M

Site in Douglaston spans about 3 acres
By Eddie Small | March 08, 2019 08:30AM

From left: David Marx of Marx Development Group, an aerial of 242-22 61st Avenue in Queens and a rendering of 242-22 61st Avenue (Credit: Google Maps and Cushman and Wakefield)

A roughly three-acre development site by the border of Queens and Nassau County is hitting the market for about $45 million, according to sources familiar with the deal.

Cushman & Wakefield’s Stephen Preuss

David Marx of Marx Development Group is looking to sell the property known as the Douglaston Acres, and a Cushman & Wakefield team led by broker Stephen Preuss is marketing the site. It is located right next to Douglaston Golf Course and just off the Long Island Expressway.

The site could be used for a residential development spanning up to 110,000 square feet or a community facility spanning up to about 250,000 square feet. Marx has already developed conceptual plans for an assisted living complex on the property that would include parking, medical space and a 200-bed long-term care facility.

The site is addressed at 242-22 61st Avenue in Queens, and the lot spans roughly 122,000 square feet.

It is extremely rare for a development site this large to hit the market in the northern Queens area, sources said. The neighborhood of Douglaston is largely residential, with lots of single-family homes. In the immediate vicinity of the development site is the Douglaston Plaza shopping center, which is owned by Ashkenazy Acquisition, and a two garden apartment complexes.

Shibber Khan’s Criterion Group recently paid about $80 million for a development site just north of Queensboro Plaza in Long Island City, and Preuss is also marketing another development site at 129-02 Northern Boulevard in Willets Point for about $60 million.