12-15 Jackson Avenue, Long Island City, NY 11101

Mixed Use Investment & Buildable Lot for Sale

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12-15 Jackson Avenue, Long Island City

For Sale

We are pleased to announce that Modern Spaces Commercial & Investment Property Group has been retained on an exclusive basis to arrange for the sale of 12-15 Jackson Avenue and the adjacent paved lot on 47th Road. 12-15 Jackson Avenue is a three story, prewar mixed use building currently configured as a retail unit on the ground floor while the two top floors are owner occupied with high-end finishes and a roof deck. The retail unit currently has a lease paying  $5,624 per month and expires in August 2019. The very large size of the residential units offers an opportunity to divide them into four separate units, while 1,567 square feet of air rights allows additional floors to be added to the building. The adjacent lot offers parking space, as well as another 7,750 buildable square feet for mixed use construction. Subway access is convenient and options are plentiful, with G, 7, E & M stations just blocks away and R, N, & W stations nearby. The properties offer an exclusive opportunity in the heart of Long Island City for buyers seeking for a luxurious 3,000 square foot living space with supplementary income and parking, investors interested in capitalizing on Long Island City’s explosive growth, or a developer looking to leave their mark on one of New York City’s hottest neighborhoods.

Offering memorandum available on request.

12-15 Jackson Avenue Setup (PDF)

12-15 Jackson Avenue Floorplans (PDF)

For more information, contact Evan Daniel at (718) 451-8811 or at evan@modernspacesnyc.com.

 
 

25-72 Steinway Street, Astoria, NY 11103

Steinway Street Mixed Use Investment

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25-72 Steinway Street, Astoria, NY 11103

For Sale - Asking Price: $2,400,000

25-72 Steinway Street is a three unit, pre-war, mixed use building located on a major commercial thoroughfare. The retail unit is currently occupied and has a lease that expires in 2027. The residential units will be delivered vacant. 25-72 Steinway street offers significant upside through renovation of the two residential units. In addition, the property offers approximately 2,103 square feet of air rights. The combination of the location and the potential revenue make this property a prime opportunity for an investor or 1031 exchange buyer.

Please view the property setup for financials and floor plans.

25-72 Steinway Street Setup (PDF)

For more information, please contact Ashley Grebow at 443-465-8308 or at ashley@modernspacesnyc.com

 

 
 

39-40 30th Street, Long Island City, NY 11101

70,835 Buildable Square Foot Mixed Use Development Site

For Sale or Ground Lease

 
 
 

39-40 30th Street, Long Island City, NY 11101

For Sale or Ground Lease

Asking $19,500,000 or $875,000/Annum

 

39-40 30th Street Setup (PDF)

39-40 30th Street Broker CA (PDF)

Offering Memorandum Available Upon Request

For more information, please contact Evan J. Daniel at 516-508-8189 or at evan@modernspacesnyc.com

 

Modern Spaces is excited to announce that we have been retained on an exclusive basis to arrange for the sale or ground lease of 39-40 30th Street. The corner property is located just two blocks north of Queens Plaza.
 
THE PROPERTY: The property has a footprint of 14,167 square feet and offers more than 230 feet of corner frontage along 40th Avenue and 30th Street. The site is currently improved with a two story, 20,000 square foot commercial building that will be delivered vacant. With a zoning designation of M1-3 / R7X, a developer has an as-of-right buildable square footage of 70,835 for mixed-use development. The land exists on a slope, which offers the opportunity to construct additional square feet that does not count against ZFA. In addition, above grade automated parking can be added for additional value that does not apply to ZFA limits.

THE LOCATION: The subject property is in one of the most valuable locations in Western Queens. Local neighbors include Citibank, Metlife, Barclays, HSBC, JetBlue, Silvercup Studios, CUNY Law, 20,000 new and in-progress luxury housing units and well over one million square feet of class A office space. Transit options are among the best in New York City, as both Manhattan and Brooklyn are only stops away from the seven nearby subway lines (E, M, G, N, R, W & 7), two of which (N & W) have a station located around the block. Road access to the rest of the city and beyond is served by The Queensboro Bridge, The Midtown Tunnel, The Brooklyn - Queens Expressway, The Long Island Expressway and The Pulaski Bridge. 

THE VALUE: Demand for luxury residential, local retail, and high end office space continues to be at record levels. Local residential values have topped $55 per square foot for rentals and $1,200 per square foot for condominium sales. Retail rents are nearing $100 per square foot in the immediate vicinity and class A office space can rent for more than $45 per square foot.

BROWNFIELD CLEANUP PROGRAM: The subject property was approved into the Brownfield program in June 2014. In December 2017, the site received its Certificate of Completion, which declares the site clean per NYS standard and also offers substantial tax credits for a developer. Within Track 4, a developer would be entitled to a tax credit of 28% for all “Site Preparation” costs (demolition, excavation, shoring, soil disposal, etc.) as well as an additional 10% - 12% of all construction hard costs. We estimate a yield of approximately $3.25 million in potential tax credits.

GROUND LEASE OPPORTUNITY: The long term ground lease option is prime for a developer looking to take advantage of the robust new development market without having to compete with record-setting and increasing land prices in Long Island City. In addition, ground lease rent can be used as a deductible line item expense on a rental project.

 

27-01 Queens Plaza North #502, LIC, NY 11101

Class A Office for Sublease - Divisible

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27-01 Queens Plaza North, LIC, NY 11101

For Sublease - Space is Divisible

Modern Spaces Commercial & Investment Property Group is pleased to exclusively offer the office space at 27-01 Queens Plaza North, suite 502 for sublease. The available space is 26,043 square feet of class A office located on the 5th floor along the southwestern exposure of the building. The space is offered furnished and can be subdivided. Electricity and internet are included with the rent. Flexible, short lease terms are also available. There is ample window frontage along Queens Plaza North and 27th Street. Located directly on Queens Plaza, transit access is unparalleled. The 7, N, W, E, M, R, G & F subway lines all have stations in the immediate vicinity and Midtown Manhattan is just a stop away. With tens of thousands of new luxury residential units completed and under construction in the immediate area, this space is an excellent opportunity for any business interested in taking part in Long Island City’s vibrant growth or looking for a viable alternative to Manhattan.

27-01 Queens Plaza North Setup

27-01 Queens Plaza North Floorplan

 

 
 

14-18 Astoria Park South, Astoria, NY 11102

Condominium Conversion Project with Approved Plans

SOLD

Modern Spaces is pleased to announce that we have been exclusively retained to handle the disposition of 14-18 Astoria Park South, Astoria, New York 11102. The property is a 1,675 square foot lot currently improved with a 1,195 square foot two family house. The property has approved plans allowing for the structure to be expanded and converted into a condominium with two duplex units. The location on Astoria Park South offers unparalleled views and access to Astoria Park and the waterfront promenade. In addition to the immediate access to the Grand Central Parkway/RFK Bridge, the property is also located only a short walk from the N and Q subway lines. The approved plans are available upon request.

14-18 Astoria Park South Setup (PDF)

For Plans and Offering MeMorandum Click here

(Password Available Upon Request)

 

For more information, contact Evan Daniel at (718) 451-8811 or at evan@modernspacesnyc.com.