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1401 Central Ave - SALE IN SPECIAL DOWNTOWN FAR ROCKAWAY ZONE

0.25 Acres of Commercial Land Offered at £2,761,120 in Far Rockaway, NY 11691

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Investment Highlights

A Line Subway & Long Island Railroad- 5 minute walking distance

Corner lot allowing for a larger coverage area

Executive Summary

STREET SIGNS REALTY LLC is pleased to present the exclusive offering of 14-01 Central Avenue in Downtown Far Rockaway Queens 11596. A single story structure resides on a footprint totaling 10,950 SF. The maximum allowable floor ratio is 4.8 and is zoned R6/C2-4(SPECIAL DOWNTOWN FAR ROCKAWAY DISTRICT ZONING). The site offers the opportunity for residential, mixed use and facility development. The Zoning Rules allow for increased bulk and density due to the "SPECIAL DOWNTOWN FAR ROCKAWAY DISTRICT ZONING" The rezoning has brought a new resurgence of development activity. The area is expected to create over 3000 plus apartments with nearly 160,000 SF of retail space. Multiple new community spaces are being formed with joint ventures currently being built. It is also conveniently situated just blocks away from the A Line Subway located at the Far Rockaway Mott Avenue Station and the Far Rockaway Long Island Railroad Station.

Financial Summary (Actual - 2022)	Annual	Annual Per AC
Taxes	£17,224	£68,511.81
Operating Expenses	-	-
Total Expenses	£17,224	£68,511.81

Financial Summary (Actual - 2022)

Taxes
Annual	£17,224
Annual Per AC	£68,511.81

Operating Expenses
Annual	-
Annual Per AC	-

Total Expenses
Annual	£17,224
Annual Per AC	£68,511.81

Property Facts

Price	£2,761,120	Property Subtype	Commercial
Sale Type	Investment or Owner User	Proposed Use	Convenience Store
No. Lots	1	Total Lot Size	0.25 AC
Property Type	Land	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.

Price	£2,761,120
Sale Type	Investment or Owner User
No. Lots	1
Property Type	Land
Property Subtype	Commercial
Proposed Use	Convenience Store
Total Lot Size	0.25 AC
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.

1 Lot Available

Lot 15544/40

Price	£2,761,120	Lot Size	0.25 AC
Price Per AC	£10,983,979

Price	£2,761,120
Price Per AC	£10,983,979
Lot Size	0.25 AC

Submit all offers! 10,950 SF corner lot with convenience store located in the "Special Downtown Far Rockaway Zone" allowing increased bulk and density development. Residential F.A.R increased to 3.6. Community Facility TO F.A.R 4.8. ZONED R6/C2-4

Description

The lot is in an OPPORTUNITY ZONE (C.T. #1032.02) allowing for a favorable tax ruling. This lot has an approximate area of 10,950 SF. Presently there is a legal 1940 SF Convenient Store which will be delivered vacant at closing. The development site is located within the "SPECIAL DOWNTOWN FAR ROCKAWAY ZONING". The zoning is R6/C2-4 with increased bulk and density due to the special zoning rules. A 9 story building can be erected at this site. The site offers a potential 50,000 SF development site. There is aprroximately 13 new construction projects in progress within a half mile radius of this lot. There is a new school and library being built on this street and with over 1400 residential units to be built across the block from this location. Far Rockaway will see a $139M infrastructure and street upgrades to the 25 block area now in progress. The area is in a surge of booming development!

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1401 Central Ave, Far Rockaway, NY - aerial map view - Image1

1401 Central Ave, Far Rockaway, NY - aerial map view - Image2

Walk Score ®

Very Walkable (86)

Transit Score ®

Excellent Transit (75)

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, Transit Score® & Bike Score?

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PROPERTY TAXES

Parcel Number	15544-0040	Total Assessment	£210,190 (2024)
Land Assessment	£139,535 (2024)	Annual Taxes	£17,224
Improvements Assessment	£70,655 (2024)	Tax Year	2022