BY LUIS GRONDA
The Parkway Hospital site in Forest Hills is back on the market for prospective buyers.
The vacant facility adjacent to the Grand Central Parkway, which housed the hospital until its closure in 2008, is available for sale by its owner, Jasper Venture Group.
The group’s repeated attempts to flip the property have failed. The building was sold in an auction last year, which was later cancelled after that buyer did not meet the required payment schedule for the property.
Jasper is reportedly looking to get about $20 million for the 107,000 square-foot building, located at 70-35 113th St.
But there may be some limitations as to what a prospective buyer can do with the property, potentially driving down interest in the building.
According to one Queens-based developer, who has toured the facility and declined to be named for this story, the building’s current zoning, R1-2A, handcuffs what can be done with the property if a company decides to buy it.
The R1-2A zoning allows for low-density, single-family detached homes, similar to the housing stock found in Forest Hills near the hospital site, and in other neighborhoods such as Jamaica Estates. That zoning can be ignored if a developer intends to build a medical or an educational facility, provided it is a community facility, a Department of City Planning spokesperson said.
The R1-2A zoning has a maximum floor area ratio of 0.5, a maximum building height of 35 feet and a maximum perimeter wall of 25 feet, according to City Planning.
The developer said prospective buyers may be more interested if they have the option to build a high-rise residential facility. For that to be possible there would have to be a zoning change to a higher density, which requires approval by the City.
The source said there are additional costs that come with buying the property, including its renovation cost.
“The building may need to be torn down completely,” the developer said.
Michael Cohen, spokesperson for Councilwoman Karen Koslowitz (D-Forest Hills), said that the Council member would be receptive to the possibility of a high-rise building in that area, provided the developer who buys it met with Koslowitz and the community about what they plan to do at the site and listen to their feedback.
Jasper Venture Group referred questions about the property to Avison Young, a Manhattan-based firm who is handling the marketing of the property. Calls and emails made to Avison Young have not been returned as of press time.
Reach Luis Gronda at (718) 357-7400, Ext. 127, firstname.lastname@example.org, or @luisgronda.