Massive, controversial Queens site back on market

Site comes approved with a plan for 52 houses

New York /
Nov.November 15, 2019 11:30 AM
151-45 6th Road and Stephen Preuss

151-45 6th Road and Stephen Preuss

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.


Related Articles

arrow_forward_ios
Cushman & Wakefield CEO Brett White
Cushman reports 10% drop in revenue in 2020
Cushman reports 10% drop in revenue in 2020
Cushman & Wakefield CEO Brett White, Mayor Bill de Blasio, and Donald Trump, Eric Trump and Donald Trump Jr. (Getty)
Cushman & Wakefield, NYC cut ties to Trump Organization
Cushman & Wakefield, NYC cut ties to Trump Organization
Cushman & Wakefield's Toby Dodd with One Pierrepont Plaza in Brooklyn and One World Trade Center (Photos via Cushman, Brookfield and Pixabay)
Cushman to consolidate its Lower Manhattan and Brooklyn offices
Cushman to consolidate its Lower Manhattan and Brooklyn offices
The discrimination suit filed against Cushman alleges the firm underpaid an employee of color — along with others on his team — compared to white colleagues. (iStock)
Ex-Cushman employee accuses firm of pay discrimination
Ex-Cushman employee accuses firm of pay discrimination
From left: former Vornado CFO Joseph Macnow; ; Howard Hughes Corporation CEO David O’Reilly, former Cushman & Wakefield CFO Duncan Palmer (Photos via Vornado, Howard Hughes, Cushman & Wakefield)
Leadership shake-ups hit Vornado, Cushman & Wakefield and Howard Hughes
Leadership shake-ups hit Vornado, Cushman & Wakefield and Howard Hughes
Cushman & Wakefield CEO Brett White and CFO Duncan Palmer (Photos via Cushman & Wakefield)
Cushman reports $37.3M loss in Q3
Cushman reports $37.3M loss in Q3
Related chairman Stephen Ross (Getty; iStock; Health Pass) 
Related, Cushman & Wakefield use new app to screen workers for Covid
Related, Cushman & Wakefield use new app to screen workers for Covid
Cushman & Wakefield CEO Brett White and JPMorgan CEO Jamie Dimon (Cushman & Wakefield; Getty)
Cushman’s $3B debt load poses default risk
Cushman’s $3B debt load poses default risk
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...