Queens Plaza North Properties Hitting Market, Hotel Build Possible

The owner of 41-21 and 41-23 29th Street, three-story brick buildings off Queens Plaza North, plans to put the properties on the market for $18,100,000. LIC Post reports that the owner bought the buildings in the late 90s for less than $1,000,000, when the site zoning permitted a floor area ratio of 5.0. After upzonings in the neighborhood, the parcels now have a FAR of 12 with a zoning floor area of 32,724 square feet. A sales rep from Sotheby’s believes the lots are best suitable for a hotel development, considering the number of hotels in the immediate vicinity. A developer could build up to 18 stories with 80-rooms on the property in question. Tom Winter, of Tom Winter Architect, designed the hotel rendered above as an example of what’s possible.

American Dream Story as Owner Aims to Sell LIC Building for $18 Million [LIC Post] GMAP