Cord Meyer plans 11K office building in Jackson Heights

Kathleen Laveglia, assistant of Cord Meyer Development submitted a new building construction project for a 11,815 square-foot business (B) building at 73-01 Northern Boulevard in Jackson Heights, Queens. The plan was filed with the New York City Department of Buildings on November 10, 2022 under job number Q00736335. It calls for the construction of a two-story building. The project is described in the filing as: filing herewith for the proposed new two-story mixed-used building.

The property

The retail building in Jackson Heights has 2,350 square feet of built space and 10,105 square feet of additional air rights for a total buildable of 12,425 square feet according to a PincusCo analysis of city data. The 73-01 Northern Boulevard parcel has frontage of 110 feet and is 150 feet deep with a total lot size of 16,567 square feet. The zoning is R4 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.5 million.

Prior sales and revenue

The 2,350-square-foot property generated revenue of $256,531 or $109 per square foot, according to the most recent income and expense figures.

Development

Kathleen Laveglia, assistant of Cord Meyer Development submitted a new building construction project for a 11,815 square-foot business (B) building at 73-01 Northern Boulevard. The plan was filed on November 10, 2022. It calls for the construction of a 26-foot tall, two-story building and was filed with the New York City Department of Buildings under job number Q00736335. The architect is Sblm Architects, Pc. The project is described in the filing as: filing herewith for the proposed new 2 story mixed used building.

For the tax lot building, it received its initial certificate of occupancy on January 11, 2016.

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 Jackson Heights, the bulk, or 42 percent of the 16.3 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 19 percent of the space. In sales, Jackson Heights has near average sales volume among other neighborhoods with $194.3 million in sales volume in the last two years and is the 10th highest in Queens. For development, Jackson Heights has near average amount of major developments among other neighborhoods and is the 14th highest in Queens. It had 459,622 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On the tax block, there was one new building construction project filed totaling 11,815 square feet. It is a 11,815 square-foot business (B) building developed by Cord Meyer Development and submitted by Kathleen Laveglia with plans filed November 10, 2022 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 73-01 Northern Boulevard in the past 24 months.

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