69-23 47th Avenue – $8,875,000 – Final Parcel to Sell in 500,000 SF Development

69-23 47th Avenue is the final parcel to close in Madison Realty’s development project in Woodside Queens. The 431-unit rental project will feature frontage along Queens Boulevard.

Madison Realty underwent a ULURP process in order to secure rezoning and increase the amount of square footage to be built and the number of affordable units. In November 2018, the City Council rezoned the site under its Mandatory Inclusionary Housing program, which will result in 129 affordable units in the new construction project. The demand for affordable housing in the neighborhood and surrounding areas of Queens is significantly outpacing the supply.

In addition, the proposed development is planned to include a new 476-seat school that will try and eliminate the problem of overpopulation in current school districts.
The five-parcel assemblage, brokered by Joe Berko and Michael Korine of Berko & Associates, will total nearly 500,000 buildable square feet.