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Queens Chronicle

New owner soon for waterfront site

An 18-acre Whitestone area will be developed as 52 luxury houses

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Posted: Thursday, March 1, 2012 12:00 pm

Monday, March 5 is the deadline for developers to place their bids on a prime waterfront property in Whitestone.

The 18-acre site at 151-45 Sixth Road was owned by the Bayrock Group, a Manhattan developer, which got the city to rezone the area from M1-1 manufacturing to R3-2 for residential development.

The property is being marketed now by Massey Knakal Realty Services because Bayrock defaulted on a loan and the property was taken back by the lender, Capmark Financial Group.

Realtor Stephen Preuss would not reveal the asking price, but it is known that Bayrock paid $25.2 million for the location.

Bayrock’s project was known as Waterpointe and its plans must be adhered to, unless a new buyer applies for a costly variance. The project calls for 52 luxury detached houses, averaging at least 3,200 feet. The original selling prices were to range from $900,000 to $2 million, although that could change depending on how the new developer tweaks the project, Preuss noted.

He added that the parcel was slated to be the “New Malba” and is the largest residential development site available in Queens. Malba is a nearby upscale community.

The Whitestone site includes five underwater acres on the East River that can be used for boat docks or a marina and 13 acres of land. Plans call for the development to be in a gated community with a public park.

The location has more than 1,000 feet of water frontage situated between the Throgs Neck and Whitestone bridges.

There is also more than $5 million in tax credits associated with the property.

The former industrial site served as an asphalt plant, headquarters for a trucking company and a shooting range, among other uses. It was a state-designated Brownfields cleanup site, and Preuss said the remediation has been completed.

James Cervino, a marine biologist and environmental consultant from nearby College Point, said the cleanup involved soil work.

The realtor indicated that his firm has received about 16 qualified offers for the property and expects more before the Monday deadline. The new owner will be announced by the end of March.

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