Buy & Build (Land): (.804 Acres) Medical Office Development, Astoria Blvd, Queens, NY 11370 + $46,500,000

Promise Land Realty
Feb 9
3 min read

$46,500,000

OFF-MARKET SHOVEL-READY

CLASS A MEDICAL OFFICE DEVELOPMENT

EAST ELMHURST, QUEENS, NEW YORK

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

Offered Purchase Price: $46,500,000

Consultant Fee: 3% (included in purchase price; paid by buyer)

Institutional-Grade Medical Development at the Epicenter of Queens’ $8B Transformation

Strategically positioned directly across from LaGuardia Airport, this fully entitled, shovel-ready 0.804-acre assemblage represents one of the most compelling medical office development opportunities currently available in New York City. The site sits within one of the region’s highest-traffic and fastest-appreciating corridors, reinforced by unprecedented public-private investment now reshaping Queens.

Unmatched Macro Tailwinds: Steve Cohen’s $8B Queens Redevelopment

The property is located minutes from Willets Point, where billionaire investor Steve Cohen is leading an $8+ billion, multi-phase redevelopment adjacent to Citi Field. This generational project includes:

A new professional sports arena
Hotels, residential towers, retail, and entertainment districts
Massive infrastructure upgrades and transit investment
Tens of thousands of new jobs and daily visitors

This scale of capital infusion is already accelerating land values, rents, and institutional demand throughout East Elmhurst, Astoria, and surrounding submarkets. Medical, life-science, and healthcare assets positioned near this transformation are expected to experience outsized appreciation and long-term rent growth as the area densifies and modernizes.

Project Overview

Shovel-ready with full entitlements and approved plans
Proposed 5-story Class A medical office building
Total building area: 104,500 SF
- ~100,000 SF primary medical office
- ~4,500 SF additional leasable space
Two-level underground parking garage
- 220 parking spaces
- Supplemental income from short- and long-term parking (airport-adjacent demand)
Designed for hospital systems, specialty clinics, outpatient surgery, diagnostics, and medical tenancy

No current tenant is in place, providing a clean acquisition and development path. However, recent leasing conversations have taken place with Mount Sinai, underscoring strong institutional healthcare interest tied to the site’s location, scale, and accessibility.

Valuation & Equity Upside (April 2025 Appraisal)

As-Is Value: $67,000,000
As-Is w/ Entitlements & Approved Plans: $181,600,000
Post-Construction Stabilized Value (April 2027): $230,000,000

Offered at $46.5M, this asset is being delivered well below current and future appraised values, creating immediate built-in equity with a clearly defined path to institutional-grade returns.

Why This Asset Is Exceptionally Attractive

Direct exposure to Queens’ largest private redevelopment in decades
Immediate proximity to LaGuardia Airport and regional transit
Fully entitled and shovel-ready—time risk removed
Medical office demand driven by population growth, aging demographics, and healthcare decentralization
Parking-rich design in a supply-constrained urban market
Ideal for healthcare REITs, pension-backed developers, life-science platforms, or long-term core-plus investors

Investment Thesis

This is not simply a development site—it is a front-row seat to a once-in-a-generation urban transformation. Assets positioned at the intersection of healthcare demand, infrastructure expansion, and multibillion-dollar private investment are precisely where institutional capital concentrates next.

Opportunities of this caliber—fully entitled, strategically located, and deeply discounted to intrinsic value—rarely trade off-market.

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.

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