Large development site near Citi Field on the market for $21 million

112-21-northern-blvd-north-corona-queens

112-21 Northern Blvd in North Corona, Queens, in relation to the location of Citi Field – to the right of it is the Willets Point/Iron Triangle area.

We’ve learned from The Real Deal and the NYDN about a large triangular parcel of land in North Corona that has recently hit the market for $21 million. The site, which is an entire city block, is 73,000 square feet in size (1.67-acres) with 350,000 buildable square feet, zoned for residential or commercial use and is located at 112-21 Northern Blvd (GMAP). It also happens to be up the street from Citi Field and the US Tennis Center (who wants to expand), and with the impending Major League Soccer (MLS) stadium going up on Flushing Meadows Corona Park, there is a good chance that land nearby could become rather desirable for development.

The property’s listing broker, David Schechtman of Eastern Consolidated, says, “Flushing and Corona and the surrounding environs are widely recognized as up-and-coming neighborhoods. Rarely do you see parcels of this size come to market in dense neighborhoods.” He also says that there has been a recent rash of inquiries from international interests looking at property within a two-mile radius of Citi Field.

Executive Director of the Queens EDC, Seth Bornstein, added his thoughts – he recognizes that the neighborhood is “undergoing a renaissance of sorts” but would like to see development in the area done thoughtfully. He says, “It was an area that was for many years forgotten, [and now ]it could be a real local and international destination.” The surrounding community would also like to see development in the area that produces jobs, has a positive effect on the local economy, and does not force nearby housing prices to go up.

This land is just over the Grand Central Parkway from the Flushing Bay waterfront, an area of Queens that has had a lot of interest as far as development goes. We wrote about it before when discussing the Manhattan Supreme Court’s halting of a $3-billion plan to redevelop the Willets Point neighborhood until a thorough environmental review can be done of the area. From that article:

Additional revitalization of Flushing’s waterfront property includes about 60 acres of land east of the Flushing River (boundaries area Northern Boulevard – north; Roosevelt Avenue – south; Prince Street – east; Flushing River  -west) with hopes of a future bridge put in place to link this part of the Flushing waterfront with Willets Point. According to said Nick Roberts, project manager at Flushing Willets Point Corona Local Development Corporation (FWCLDC), ”Downtown Flushing, or the Flushing waterfront rather, is an area of enormous untapped potential. We believe that revitalizing Flushing’s waterfront is the next crucial step to furthering Flushing’s status as one of the city’s greatest neighborhoods.”

There are also plans to build a 1 million-square-foot mall on Citi Field’s parking lot as part of the Willets Point redevelopment, which will also include 200-room hotel, housing and possibly office space. On the property at 39-08 Janet Place in nearby Flushing (sold last year for $33 million – GMAP), DS Group 1 LLC plan to develop this parcel into a large retail and residential mixed-use complex.

Rare large parcel of property near Citi Field hits the market [NYDN]
Flexible development site near Citi Field hits market for $21M [The Real Deal]
Flushing’s coming waterfront rebirth, plus court orders thorough environmental review of Willets Point [QNYC]
The USTA is likely expanding into Flushing Meadows Corona Park [QNYC]