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JLL has been retained on an exclusive basis to arrange for the sale of an exceptional large-scale development opportunity located at 93-30 93rd Street (“The Property” or “The Project”) in Rego Park, Queens directly across from Rego Center, a 960,000 square foot regional shopping center offering grocery stores, eateries, fashion, wellness and home goods in one location, adjacent to transit. The lot footprint encompasses more than 3 acres or approximately 139,559 square feet, thereby accommodating an expansive mixed-use project. The Property represents a blank slate for prospective purchasers to create a unique mixed-use project up to 669,878 ZFA inclusive of residential, retail, community facility space, and parking.
Given that The Property can be delivered vacant and construction can commence imminently, the purchaser has the ability to develop a rental project under the beneficial Affordable New York 35-year tax abatement program. While the program is set to expire by June 15, 2022, there is ample time to close on the transaction and complete the necessary site work to qualify for the program in its current form. Furthermore, The Project is located within a Qualified Opportunity Zone (“OZ”) and potentially qualifies for the Brownfield Tax Credit program, providing additional economic benefits to prospective developers.