The Forest Hills Jewish Center has put a development site in Forest Hills, Queens on the market with an asking price of $50 million. The lot is over 36,000 square feet and currently houses a four-story, 68,000 SF religious/educational facility. Located at 106-06 Queens Blvd., the site encompasses the entire block front on the east side of 69th Road between Queens Boulevard and Austin Street.
B6 Real Estate Advisors has been retained for the sale.
The property is located within an Opportunity Zone and a C4-5X, FH (R7X equivalent) zoning district, for a maximum of 180,000 building square feet for mixed-use development.
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"106-06 Queens Boulevard provides developers with a unique opportunity in size, scale, and location, within a neighborhood often referred to as one of the best places to live in New York," said Thomas Donovan, partner and vice chairman at B6, in prepared remarks. "This transaction will continue the recent trend of new mixed-use and multifamily building development in the immediate vicinity."
There are approximately 1,200 residential units and 1.5 million square feet either planned or under construction within roughly one mile of the property.
The team at B6 handling the listing includes Donovan, Tommy Lin, Eugene Kim, Paul Massey, and Zachary Redding.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
