Marcus & Millichap - Tri Borough Multi-Family

3412 36th Avenue

NY

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Price: $25,000,000
Building Size: 44,200 Square Feet
Property Type: Commercial
Exclusive Listing Team:
Matt Fotis
Tel: 212-430-5234
Matthew.Fotis@marcusmillichap.com
Zachary Golub
Tel: 212-430-5134
Zachary.Golub@marcusmillichap.com
Paul Youssef
Tel: 646-805-1461
Paul(dotted)Youssef(at)marcusmillichap(dotted)com
Description:

Marcus & Millichap is pleased to offer 3412 36th Avenue, located on the corner of 36th Avenue and 35th Street in the Long Island City section of Queens. The subject property is a five story commercial building that consists of two units. The property is built 100 ft x 100 ft and sits on a 100 ft x 117 ft lot with approximately 44,220 gross square feet. The property is zoned M1-1 (Block: 634, Lot: 36)

The 1st through 4th Floors are net-leased to the New York City School Construction Authority (NYCSCA) occupying approximately 40,000 SF. The initial lease commenced December 24th, 2001 and was extended for an additional 15 years on June 12, 2013 to run until June 30th, 2028. The current annual rent is $1,137,200 ($28.43 RPSF) and is set to increase to $1,252,800 ($31.32 RPSF) on June 13th, 2023. The tenant is responsible for their own interior repairs and utilities and the increase in taxes over the base year of 2013/14. The landlord is responsible for the roof and structure including window frames as well as the Cooling Tower and Boiler.

The 5th Floor Penthouse is approximately 4,200 SF and is a one of a kind office space that features high ceilings, multiple outdoor terraces and sweeping views of the city. The Basement is approximately 2,000 SF and is designated for Storage and Apparel Manufacturing. The 5th Floor, Basement and Private Driveway are owner occupied and will be delivered vacant.

This property offers investors the rare opportunity to purchase a net-leased trophy asset with minimal management obligations in the rapidly developing submarket in the Astoria section of Queens, New York.