Auction of Queens NY Superfund Site: Lender Owned-Foreclosed Property

Remediation Currently Underway

QUEENS, NY, USA, May 7, 2024 /EINPresswire.com/ -- Max Spann Real Estate & Auction Company proudly announces the online auction of a 13,400+/- square foot industrial site in the Ridgewood section of Queens, New York offering investors a rare opportunity to capitalize on a promising buy-and-hold investment. The online auction for this unique property concludes on June 11th at 1 PM.

The 0.31+/- acre development site is located at 11-33 Irving Avenue, Ridgewood, Queens, NY 11385 and is currently under remediation by the Environmental Protection Agency (EPA) as part of the Superfund program. The site presents a unique prospect for forward-thinking investors. The EPA, in collaboration with the City of New York, is spearheading the cleanup efforts, with the demolition of the existing structure currently underway. The projected 2-year cleanup presents the opportunity for a swift return on investment. Originally known as the "Wolff-Alport" site, this property falls under the category of an "orphan" Superfund site, highlighting its significance in recent environmental initiatives. With the allocation of $3.5 billion in March 2022 towards the cleanup of such sites, investors can rest assured of the commitment towards environmental remediation and community revitalization. The EPA Superfund program plays a crucial role in addressing hazardous waste sites across the United States, aiming to protect human health and the environment. Through comprehensive cleanup efforts and collaborative initiatives, the program seeks to remediate contaminated sites, promoting environmental sustainability and community well-being.

Boasting a corner lot with ample frontage on Irving Avenue, this industrial site offers unparalleled visibility and accessibility. Public transportation options further enhance its appeal, ensuring ease of connectivity for employees and clients alike. There is public water, sewer, electric and natural gas available at the site.

Zoned as M1-4 for Light Manufacturing, the property permits a wide range of industrial and commercial uses, including woodworking shops, repair facilities, wholesale services, storage establishments, and various other industrial activities. Additionally, zoning allows for office spaces, hotels, and most retail operations, providing investors with flexibility and versatility in their investment strategy.

"This offering presents a rare opportunity for investors to acquire a prime industrial site in Queens, strategically positioned for long-term growth and development," said Max Spann Jr., President of Max Spann Real Estate & Auction Company. "With the ongoing cleanup efforts and favorable zoning regulations, this property holds immense potential for those seeking a lucrative buy-and-hold investment in the heart of New York City."

For more details, access the Property Information Package and online bidding instructions by visiting http://www.maxspann.com. Bidders can participate in the auction through their computers or by using the Max Spann phone app.

Coming up in 2024, another auction in the New York area will showcase twenty Superstorm Sandy damaged residences in Staten Island, New York, mandated by the New York State Office of Resilient Homes and Communities.

Max Spann Real Estate & Auction Company, a premier full-service real estate and auction firm with over five decades of excellence, specializes in the sale of investment-grade properties. With a legacy of innovation and unmatched client service, Max Spann Real Estate & Auction Company has conducted successful auctions of environmental sites, including a "Brownfield" Development site in New Haven, Connecticut, a 1.4+/- acre Industrial Site in Elmwood Park, Passaic County, New Jersey, and the former Budd Factory in Philadelphia, Pennsylvania.

Max Spann Jr.
Max Spann Real Estate & Auction Co
+1 908-735-9191
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