Development Project, Corner Lot - Levittown - Long Island - NY

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Development Project, Corner Lot - Levittown - Long Island - NY

https://abelcuriel.exprealty.com/property/784-1057928-3866-drake-street-levittown-NY-11756
Abel CurielBusiness Member
Real Estate Agent · Queens, NY · Member since 2016 · 2k+ posts · 1k+ votes

This property will remain off market for 5 more days.

High-demand Long Island neighborhood with a desirable school district.

This property sits on a large corner lot.

  • Average Lot Size in Levittown = 6,000 Sq. Ft.

  • Subject property Lot Size = 8,900 Sq. Ft.

ARV/New Construction Sale Price: $1,450,000 - $1,500,000 (see attached comp summary)

Asking price $649,000

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  • Aaron Zucker
    Realtor · New York, NY · Member since 2019 · 71 posts · 28 votes
    3w

    Abel - I'm a realtor/investor active on Long Island, so this one caught my eye. A few thoughts from the buy side:

    Levittown new construction at that exit price lives or dies on the school district line. Island Trees vs. Levittown SD moves the resale number meaningfully, so worth confirming which side of the line this lot falls on.

    Corner lots in the Town of Hempstead can also get sticky with setbacks and curb-cut/egress rules, which eats into the buildable envelope. Worth verifying as-of-right zoning before locking in the program.

    And for anyone running the math: with a ~$1.45M ARV against a $649k land ask, make sure your all-in - demo, permits, hard and soft costs, plus 12+ months of carry at today's rates - leaves real margin. Nassau County builds rarely come in fast.

    Is this a teardown or a vacant lot, and are there approved plans/permits already in place?

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  • Abel CurielBusiness Member
    OP
    Real Estate Agent · Queens, NY · Member since 2016 · 2k+ posts · 1k+ votes
    3w

    Island trees school district.

    This would be a tear down for a developer.

    No approved plans/permits at this time.

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