PRICE REDUCTION - Corner in Far Rockaway
Located at 20-14 Cornaga Avenue, Far Rockaway, NY 11691, this prime development site spans 4,000 Sq. Ft. and boasts a corner lot with dimensions of 44.31' x 90.40'. Its advantageous positioning offers abundant natural light and fresh air, providing the discerning real estate developer with a plethora of exciting redevelopment possibilities. The property is zoned R6, C2-4, with a generous Floor Area Ratio (FAR) of 2.42, translating to a remarkable total residential development potential of 9,680 Sq. Ft. This opens up avenues for creating an impressive residential project, blending modern living with excellent commercial opportunities. With an estimated residential rental rate of $50 per square foot in the new building, the potential for lucrative returns on investment becomes even more enticing. The development site benefits from exceptional accessibility, being strategically situated just 2 blocks away from the Far Rockaway - Mott Avenue A Train Subway Stop. This excellent public transit connectivity enhances the project's appeal and convenience for future residents. Far Rockaway is experiencing a significant surge in development, fueled by substantial investments in public infrastructure by the city. The area has undergone transformative changes, making it an ideal environment for new ventures. Approximately 3,000 residential units have already been built or are in progress, showcasing the area's tremendous potential and attractiveness to investors and homebuyers alike. All air rights are intact. Property delivered vacant at closing.
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