3060 29th Street
Marcus & Millichap is pleased to offer Elm Towers, located in the Astoria section of Queens, New York. Situated on a 142-foot by 100- foot corner lot, the pristine asset is located on 29th Street and 30th Drive and encompasses more than 142 feet of frontage on 29th Street. The approximately 55,375-rentable square foot, six-story building contains 76 apartments and two elevators. Elm Towers presents an opportunity to purchase a repositioned, extremely well maintained asset in the burgeoning Astoria market. Elm Towers is composed of six studios, 60 one-bedroom and 10 two-bedroom apartments. Currently, there are 39 free-market deregulated units, 35 rent stabilized units and two rent-controlled units. The average studio rent is $1,271, compared to the market rent for a studio, which is $1,625. The average one-bedroom rent is $1,450 and the market rent for a one-bedroom apartment is $1,850. Elm Towers’ average two-bedroom rent is $1,797 and the market rent for two-bedroom apartments is $2,500. On the whole, current rents at Elm Towers are 25 percent under market and the regulated rents are 45 percent under market value.