City files plans for 89K sf school in Bay Terrace, Queens

Joseph Scalisi of the New York City School Construction Authority submitted a new building construction project for an 89,401 square-foot school building at 23-70 Waters Edge Drive in Bay Terrace, Queens. The plan was filed with the New York City Department of Buildings on January 9, 2023 under job number Q08054172. It calls for the construction of a four-story building. The project is described in the filing as: herewith filing new four-story school building, Q388. The architect is Marvel.

The property

The property is owned by NYC School Construction Authority. The parcel has frontage of 286 feet and is 54 feet deep with a total lot size of 44,252 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.2 million.

Prior sales and revenue

This property was sold by Samar Hospitality and Metropolitan Property Services for $11 million to the NYC School Construction Authority on January 26, 2022.

Violations and lawsuits

According to city public data, the property has not received any significant violations in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Bay Terrace, The bulk, or 45 percent of the 1.2 million square feet of commercial built space are elevator buildings, with mixed-use buildings next occupying 18 percent of the space. In sales, Bay Terrace has near average sales volume among other neighborhoods with $57.1 million in sales volume in the last two years and is the 31st highest in Queens. For development, Bay Terrace has near average amount of major developments among other neighborhoods and is the 24th highest in Queens. It had 176,398 square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the five commercial properties representing 12,750 square feet of the 167,757 square feet. The two identified owners are Caroline Kent and NYC School Construction Authority. On the tax block, there was one new building construction project filed totaling 89,401 square feet. It is a 89,401 square-foot 57 building submitted by Joseph Scalisi with plans filed January 9, 2023 and it has not been permitted yet.

The surrounding

This is the first commercial real estate event of interest identified within the 400-foot radius of 24 avenue in the past 24 months.

Direct link to the property’s ACRIS page and link to DOB NOW portal.