An 18-acre Queens development site has hit the market, and its owner hopes to fetch more than $40 million, sources said.
The property, at 151-45 Sixth Road on the Whitestone waterfront, is being marketed by a Cushman & Wakefield team led by Stephen Preuss. It is being pitched as shovel-ready and approved for 52 single-family homes of typically 2,500 to 5,000 square feet, along with 26 boat spaces.
The site is split between 12.8 upland acres and 5.7 underwater acres. The total upland area spans about 557,000 square feet.
Edgestone Group could not be reached for comment. It is looking to sell because it is restructuring its business model, sources said.
The plan to build 52 single-family homes on the site dates back years to when Bayrock Group owned the property. Edgestone Group purchased the site in 2012 for $11.3 million after Bayrock filed for bankruptcy protection.
Controversy then erupted over Edgestone’s plans to develop 107 two-family homes on the site, as community members complained that the development would be too dense. In In late 2017 City Councilman Paul Vallone announced that Edgestone had filed a declaration with the city that would bind any company developing the site to 52 detached, single-family homes, according to the Queens Courier.