Buy & Build (Land): .804 Acres, Medical Office Development, Astoria Blvd., Queens, NY 11370 + $61,000,000

Promise Land Realty
Jun 18
2 min read

Price

$61,000,000

OFF-MARKET SHOVEL READY MEDICAL OFFICE DEVELOPMENT

EAST ELMHURST, QUEENS, NY

Property: 84-02 to 84-20 Astoria Blvd, East Elmhurst, Queens County, NY 11370

Offered Purchase Price: $61,000,000 Consultant Fee: 3% (included in purchase price; to be paid by buyer)

Strategically located directly across from LaGuardia Airport, this shovel ready .804-acre assemblage presents a rare and exceptional opportunity to acquire a fully entitled development site for a premier medical office facility in one of New York City’s most high-traffic corridors.

Project Overview:

Shovel Ready with full entitlements and approved plans
Proposed 5-story Class A medical office building
Total building area: 104,500 square feet
Two-level underground parking garage with 220 parking spaces
100,000 SF pre-leased to three long-term medical tenants (30-year NNN leases)
4,500 SF of additional leasable space available
Supplemental income from garage parking (short-term and long-term leases)

Valuation Highlights (per April 2025 Appraisal):

As-Is Appraised Value: $67,000,000
As-Is with Entitlements & Approved Plans: $181,600,000
After-Construction Stabilized Value (April 2027): $230,000,000

Offered well below appraised value, this opportunity provides immediate built-in equity with significant long-term upside. Ideal for healthcare REITs, institutional investors, or seasoned developers seeking a shovel ready, income-generating asset with superior fundamentals and location.

Property Appraisals & Info: https://drive.google.com/drive/folders/1K84u-6o5fIx9dfKr7aGkn5BsPMc12810?usp=share_link

Submit All Offers & Inquiries To:📩 investments@promiselandrealtyllc.com

Property Map

All Off Market Properties are sold 'As-Is'. Buyer must do their due diligence. Sold on warranty deed. We are selling our assignable interest. You do NOT HAVE PERMISSION to market this property WITHOUT EXPRESSED WRITTEN CONSENT. Proof of Funds is required with all offers. Earnest Money Deposit due within 48 hours of accepted offer. Closings are done quickly and with a title company/closing attorney. Realtors add your fee on top.

OFFICIAL PROMISELAND LENDING PARTNER