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
From left: Cushman & Wakefield’s Doug Harmon and Adam Spies; American Express CEO Stephen Squeri; and 200 Vesey Street (Getty Images, Cushman & Wakefield, Brookfield Properties, Manhattan College)
American Express to explore headquarters sale, move
American Express to explore headquarters sale, move
(Photo Illustration by The Real Deal with Getty Images)
US retail real estate rises from the ashes
US retail real estate rises from the ashes
Len Texter (Cushman & Wakefield)
Senior Cushman executive to depart
Senior Cushman executive to depart
(Photo Illustration by The Real Deal with Getty Images)
U.S. property value to fall 20% in likely recession, Cushman forecasts
U.S. property value to fall 20% in likely recession, Cushman forecasts
From left: Letitia James, Donald Trump and Brett White (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images)
Cushman delivers 36K documents to AG in Trump probe
Cushman delivers 36K documents to AG in Trump probe
A photo illustration of 450 Park Avenue (left) and 8 Spruce Street (right) (Douglas Elliman, Reading Tom, CC BY 2.0 - via Wikimedia Commons, Getty Images)
CRE investment sales hit $21B in first half of 2022: report
CRE investment sales hit $21B in first half of 2022: report
Mitti Liebersohn and Arthur Mirante
Mirante, Liebersohn jump to Savills from Avison Young
Mirante, Liebersohn jump to Savills from Avison Young
From left: Letitia James, C&W's Brett White, and Donald Trump
Cushman & Wakefield squirms out of Trump sanctions
Cushman & Wakefield squirms out of Trump sanctions
arrow_forward_ios

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

Loading...