46-02 88th Street
Prime Elmhurst Development Site | R7B Zoning | Up to 49,931 Buildable SF | Potential for 73 Resident
Marketing description
Exceptional multifamily development opportunity located in the heart of Elmhurst, Queens. 46-02 88th Street consists of a rare 12,803 SF development site situated within an R7B zoning district and located in the NYC Inner Transit Zone, eliminating parking requirements for future residential development. Preliminary zoning and feasibility studies indicate approximately 38,409 buildable square feet as-of-right, with potential to increase to approximately 49,931 buildable square feet through a qualifying affordable housing component. Conceptual studies illustrate the potential for up to 56 residential units as-of-right and up to 73 units under UAP scenarios. Existing architectural feasibility studies and conceptual massing plans are included, presenting investors and developers with a significant opportunity to accelerate the planning process. The property is strategically positioned near major transportation corridors, subway access, LIRR connectivity, Queens Boulevard, and the Long Island Expressway, while surrounded by dense residential neighborhoods, retail amenities, restaurants, and ongoing residential development activity. Elmhurst continues to experience strong rental demand and long-term growth fundamentals, making this an ideal opportunity for a multifamily rental, mixed-income, or long-term hold investment in one of Queens’ most transit-oriented and supply-constrained markets.
Investment highlights
Investment Highlights
- Prime Queens Development Opportunity in the Heart of Elmhurst
- Large 12,803 SF R7B Zoned Development Site with approximately 214 feet of lot depth and significant frontage exposure
- Located Within NYC Inner Transit Zone — No Parking Requirement Under Current Zoning Regulations
- As-of-Right Residential Development Potential of Approximately 38,409 Buildable SF
- Potential UAP / Affordable Housing FAR Increase to Approximately 49,931 Buildable SF
- Preliminary Zoning Analysis Indicates Potential for Up to 56 Residential Units As-of-Right and Up to 73 Units with Qualifying Affordable Housing Component
- Existing Architectural Feasibility Studies and Conceptual Massing Plans Included
- Proposed Development Concepts Feature 32–37 Residential Units with Efficient Unit Mixes Including Studios, 1-Bedroom, 2-Bedroom, and 3-Bedroom Apartments
- Excellent Transit-Oriented Location Near Subway Lines, LIRR Access, Major Bus Routes, Queens Boulevard, and Long Island Expressway
- Situated in a Strong Rental Market Surrounded by New Residential and Mixed-Use Developments
- Highly Desirable Elmhurst Location with Immediate Access to Shopping, Restaurants, Grocery Stores, and Major Retail Corridors
- Strong Long-Term Fundamentals Driven by Population Density, Transit Connectivity, and Continued Queens Redevelopment
- Ideal Opportunity for Multifamily Rental Development, Affordable Housing Strategy, or Long-Term Hold Investment
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