Corner Development Site - Jamaica, Queens

Introducing a prime real estate opportunity in Jamaica Queens, NY, located within the Greater Transit Zone in a mixed-use district of R5 and C1-4 zoning. This corner property, with dimensions of 58' x 100' and a total lot size of 5,800 sq ft, is eligible for designation as a "Qualifying Residential Site" due to its size and location. This allows for a significant increase in Floor Area Ratio (FAR) from 1.5 to 2.0, enabling up to 11,600 residential buildable sq ft, or approximately 17 residential units over five floors. Additionally, the site may accommodate an extra 0.50 FAR in commercial space (2,900 sq ft), bringing the total buildable area to 14,500 sq ft. There are no affordable housing requirements to achieve the maximum FAR, and applying for the optional 485X Tax Abatement can provide additional financial incentives. Furthermore, parking requirements are fully waived, offering increased flexibility for developers to build market-rate condos, affordable housing, or mixed-use projects. This property offers a unique opportunity to tap into the growing demand for housing in Downtown Jamaica. Current structure is a 1,992 sq ft two-family dwelling that can be delivered vacant.