Highlights
• Lot Size: 175.8’ x 98.71’ (IRR Island Lot) • Zoning: R6A, C1-3 • Surroundings: No neighbors, high-demand retail & residential area • Buildable SF: 27,990 residential (MIH), 14,340 commercial • Flexibility: Demolition clauses included • Transit Access: Near E, F, M & R subway lines
Description
Landair Property Advisors is proud to offer a rare development opportunity in the heart of Astoria. The assemblage consists of two adjacent lots totaling 7,177 square feet, currently improved with two retail buildings providing a combined 4,536 square feet of existing space. Both properties are tenant-occupied, with leases that include six-month demolition clauses, providing flexibility for redevelopment. Situated on a 175.8’ x 98.71’ irregular island lot, the site is zoned R6A / C1-3, permitting approximately 27,990 square feet of residential buildable area under current regulations. The recent rezoning to R6A / C1-3 also places the property within the Mandatory Inclusionary Housing (MIH) program, ensuring long-term affordability within any new development. This location is ideally suited for multifamily or mixed-use construction, though investors may also consider repositioning the existing improvements. Conveniently located just 0.3 miles from the 46th Street E/F/M/R subway station, the site offers direct access to Midtown Manhattan in under 25 minutes. Surrounded by established residential communities, neighborhood retail, and a growing pipeline of new projects, this pocket of Astoria remains highly desirable for both renters and end-users, making the property a strong long-term investment opportunity.
Listing Details
- Space Type
land
- Sub Category
commercial
- Sale Type
Investment Sale
- Date Listed
8/28/2025
Property Specifics
- Property Name
43-02 31st Avenue
- Lot Size
0.16 AC
- Zoning
R6A, C1-3