Investment or Owner User Opportunity: 4-Unit Apartment Building with Retail Space in Hunters Point, NY Welcome to 45-44 Vernon Boulevard, an exceptional investment opportunity in the vibrant Hunters Point neighborhood of New York. This property, offered for the first time in a generation, consists of a four-unit boutique apartment building paired with a retail space, all situated on a 25' by 100' lot. All apartments are free market and fully rented at market rates, providing a consistent rental income stream. Additionally, the retail space, though leased through December 2025, can be delivered vacant, offering flexibility for potential new owners to explore various commercial opportunities. Each of the four spacious 1-bedroom, 1-bath units is meticulously designed to offer comfortable living. Featuring well-appointed kitchens, inviting living areas, and well appointed bathrooms. The ground-floor retail space also presents an excellent opportunity for diverse business ventures. Located on Vernon Boulevard, this property enjoys high visibility and foot traffic, ensuring maximum exposure for any retail business. Hunters Point's thriving atmosphere, with trendy restaurants, shops, and cafes, adds to the appeal, attracting both residents and customers to the retail space. Nearby parks and waterfront areas offer recreational opportunities and stunning views of the city skyline. Investment or Owner User Opportunity. With its strategic location, transportation is convenient with nearby subway stations, ferry terminal, bus routes, and major highways facilitating easy access to Manhattan and other boroughs, including just one stop to Grand Central Station on the #7 Subway. Whether you're a seasoned investor or seeking a property with multiple income streams, 45-44 Vernon Boulevard presents an enticing opportunity. Capitalize on the current rental income and explore the potential of the retail space. Don't miss out on this chance to invest in a thriving neighborhood and maximize your returns. 45-44 Vernon Blvd. in Hunters Point, Queens, is currently zoned R6A but is slated to change to M1-3/R7A under the OneLIC Neighborhood Plan currently under consideration. Here’s what that means for **FAR (Floor Area Ratio)** and development potential if the LIC plan is approved: 1. M1-3A (Light Manufacturing District)** - **FAR: 2.0** (for manufacturing/commercial uses). - Allows **light industrial** and some **commercial uses** (e.g., workshops, offices, retail). - **Residential FAR: 0.0** (no residential use permitted unless modified by a special permit or mixed-use zoning). 2. R7A (Residential District)** - **FAR: 4.0** (for residential development). - Typically applies to **medium-density housing**, allowing **apartments, rowhouses, or mixed-use buildings** with ground-floor commercial. - **Height Limit: 80 feet** (or 7–9 stories, depending on setbacks). Combined Implications for 45-44 Vernon Blvd** - The **M1-3A/R7A** split zoning suggests the lot may have **both industrial and residential development rights**, but the exact distribution depends on lot configuration. - If residential (R7A) is the primary zoning here, the **maximum FAR would be 4.0**, meaning a **9,868 sq ft building** could be constructed on the 2,467 sq ft lot (2,467 × 4.0). - The current listing mentions **5,000 sq ft built + 2,500 sq ft unused FAR**, suggesting the existing structure is **underbuilt** relative to potential capacity. Impact of OneLIC Rezoning** If the **OneLIC plan** passes, this area could see: - **Increased FAR** (e.g., up to 5.0–6.0 for mixed-use near transit). - **Mandatory Inclusionary Housing (MIH)**, requiring affordable units in new residential projects. - **Potential upzoning** to encourage taller, denser development near Vernon Blvd. For exact zoning boundaries, check the [NYC Zoning Map](https://zola.planning.nyc.gov) or consult a land-use attorney. Let me know if you need help interpreting further! For the Long Island City Neighborhood Plan Booklet go to www.licplan.nyc Contact us today to learn more and arrange a viewing of this remarkable property. Richard Balzano 917-449-0181