Massive, controversial Queens site back on market

Site comes approved with a plan for 52 houses

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

Cyril Berdugo and Tom Petit (Credit: Landis)

Proptech startup Landis inks deal to turn renters into buyers

Brett White, CEO of Cushman & Wakefield (Credit: iStock; Cushman & Wakefield)

Cushman & Wakefield lays off employees, but won’t say how many

Fears of coronavirus have led some of the world’s most prominent commercial real estate companies to pull out of the MIPIM conference in Cannes, France. (Credit: Getty Images, iStock)

Coronavirus exodus: CRE bigwigs ditch MIPIM

CEO of Amherst Holdings LLC Sean Dobson

Amherst Holdings to buy single-family landlord for $2.3B

House Canary CEO & co-founder Jeremy Sicklick (Credit: iStock)

Home-valuation startup closes $65M funding round

Roofstock CEO Gary Beasley (Credit: Roofstock, iStock)

Roofstock, a marketplace for rental homes, raises $50M

Time Out Market at 916 West Fulton Market and Revival Food Hall at 125 S. Clark Street 

Does Chicago still have an appetite for food halls?

Savills vice chairman Peter Hennessy

Peter Hennessy heading to Savills