Massive development site by LaGuardia hits the market

A development site near LaGuardia Airport with the potential for a roughly 750,000-square-foot project has hit the market, according to sources familiar with the deal. But to unlock those rights, the new owner would have to work a little.

The site spans about 1.5 acres and is addressed at 102-05 Ditmars Boulevard. The site is located right next to the LaGuardia Airport Marriott and shares the same address as the hotel.

Rubicon Companies owns the property, which is currently used for parking. The site should fetch between $20 and $50 million — up to $66 a square foot —  on the market due to a restrictive covenant that has been placed on it, sources said. The restrictive covenant stems from the East Elmhurst rezoning and requires any development on the site to receive approval from the Department of City Planning.

A Cushman & Wakefield team led by Stephen Preuss is marketing the property.

LaGuardia is currently in the middle of an $8 billion renovation effort that will include a 2.7 million-square-foot buildout with six new concourses and 72 gates.

Other development sites on the market in Queens include a 137,000-square-foot site at 129-02 Northern Boulevard in Willets Point and a 122,000-square-foot site at 242-22 61st Avenue on the border of Queens and Nassau County. The Criterion Group recently bought a development site north of Queensboro Plaza in Long Island City for just under $80 million.