brand new mixed-use building · 2019-04-01 · lic. re salesperson. [email protected] kenneth...

37-40 27TH STREET | LONG ISLAND CITY | QUEENS, NY 11101

FOR SALEBRAND NEW MIXED-USE BUILDING

1983 MARCUS AVENUE, SUITE 102 / LAKE SUCCESS, NY 11042 WWW.SCHUCKMANREALTY.COM 65 CHALLENGER ROAD, SUITE 305 / RIDGEFIELD PARK, NJ 07660 P. 516.496.8888This information contained herein has been obtained from sources believed reliable. However, we have not verified it and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental and other conditions, prior sale, lease or financing, or withdrawal without notice. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, as-sumptions, or estimates used are for example only and they may not represent the current or future suitability, availability or performance of the property. You and your tax and legal advisors should conduct your own investigation of any property and transaction. We may or may not have an exclusive or nonexclusive contractual relationship with a tenant or the owner/landlord of a particular property; and if we do, such relationship shall be fully disclosed to you on a timely basis. Third-party trademarks, service marks, graphics, and logos belong to third parties. You are not granted any right or license with respect to Schuckman Realty Inc.’s trademarks service marks, graphics, and logos or the trademarks service marks, graphics, and logos of any third party. Kenneth Schuckman is Broker of record of Schuckman Realty Inc.

MATT COLANTONIOLIC. Associate RE [email protected]

EVAN KAMINERLIC. RE [email protected]

KENNETH SCHUCKMANLIC. RE [email protected]

CONTACT EXCLUSIVE BROKERS FOR DETAILS:

EXECUTIVE SUMMARY:

TALO 38 IS A SLEEK, STATE OF THE ART, NEW CONSTRUCTION DEVELOPMENT LOCATED IN THE EVOLVING NEIGHBORHOOD OF LONG ISLAND CITY IN QUEENS. WITH EASY ACCESS TO MANHATTAN AND A UNIQUE CULTURE, TALO 38 PROVIDES AN OPPORTUNITY FOR INVESTORS TO OWN A SIGNIFICANT ASSET IN A BURGEONING NEIGHBORHOOD. THE DUTCH KILLS SECTION OF LIC CONTINUES TO MATURE FROM ITS DEEP INDUSTRIOUS ROOTS INTO A VIBRANT RESIDENTIAL HUB. TALO 38 FEATURES 32 RESIDENTIAL UNITS, RANGING BETWEEN STUDIO, ONE-BEDROOM, AND TWO-BEDROOM UNITS, ALL WITH CONDO-LEVEL LUXURY FINISHES, AN ONSITE FITNESS CENTER, COVERED PARKING, AND VIRTUAL DOORMAN. STICKING TRUE TO THE INDUSTRIOUS HISTORY OF LONG ISLAND CITY, THE GROUND FLOOR FEATURES A 4,332 SF COMMERCIAL/LIGHT MANUFACTURING UNIT, ALLOWING FOR USE GROUPS 4-14, 16, AND 17, FOR A COMBINED BUILDING SQUARE FOOTAGE OF 38,267 SF.

37-40 27th STREET | LONG ISLAND CITY, QUEENS, NY 11101






PROPERTY INFORMATION:

SIZE: 38,267 SF

DIMENSIONS OF LOT: 84.83’ x 100’

BUILDING DIMENSIONS: 84.83’ x 100’

ASKING PRICE: $29,000,000CROSS STREETS: 27TH STREET & 38TH AVENUEASSET CLASS: BRAND NEW MIXED USE RESIDENTIAL DEVELOPMENTYEAR COMPLETED: 2018ZONING: M1-2/R6A LIC

COMMENTS:

• 32 RESIDENTIAL UNITS MIXED STUDIO, ONE BED, TWO BED

• 16 SUBTERRANEAN PARKING SPACES

• GROUND FLOOR COMMERCIAL/LIGHT MANUFACTURING UNIT (USES 4-14,16,17)

• ON-SITE GYM, LAUNDRY AND OUTDOOR SPACE







A ROBUST ECONOMY:

LONG BEFORE THE NEIGHBORHOOD WAS PULLED INTO THE NATIONAL SPOTLIGHT, LONG ISLAND CITY WAS A GEM FOR INDUSTRY. THE NEIGHBORHOOD IS HOME TO COUNTLESS LOCAL AND NATIONAL BUSINESSES WITH THE LIST CONTINUALLY GROWING. FROM THE INTERNATIONAL, QUICKLY GROWING COFFEE CHAIN, COFFEED, TO THE RENOWNED CRAFT BEER BREWERY, BIG ALICE BREWERY, THE NEIGHBORHOOD HAS BECOME KNOWN AS AN INCUBATOR WHERE BUSINESSES CAN SUCCESSFULLY EXPAND. AFTER AN EXTENSIVE REDEVELOPMENT OF THE BREWSTER BUILDING, THE FORMER ASSEMBLY PLANT OF BREWSTER CARS, ROLLS ROYCE, AND BREWSTER AIRPLANES, HAS FOUND NEW LIFE AS THE CORPORATE HEADQUARTERS OF AIRLINE GIANT JETBLUE SINCE 2012. WITH A BOOMING RESIDENTIAL MARKET, THE OFFICE MARKET HAS FOLLOWED WITH TISHMAN SPEYER’S “THE JACX,” AT 28-01 JACKSON AVE, 100% PRE-LEASED MONTHS BEFORE COMPLETION, WITH MACY’S-OWNED BLOOMINGDALE’S MOVING FROM VARIOUS MANHATTAN LOCATIONS TO OCCUPY 867,000 SF IN THE BRAND-NEW DEVELOPMENT. MORE MANHATTAN-BASED FIRMS, EMPLOYEES, AND RESIDENTS ARE SURE TO FOLLOW AS LIC PRICES UNDERCUT MANHATTAN’S WHILE OFFERING EQUIVALENT TRANSPORTATION INTO MANHATTAN, BROOKLYN, AND EASTERN QUEENS.

LONG ISLAND CITY







EASY ACCESS:AS TRAVEL OPTIONS RANGE FROM BRIDGES, BUSSES, SUBWAYS, AND THE QUEENS-MIDTOWN TUNNEL, TO THE LONG ISLAND RAIL ROAD, LONG ISLAND CITY HAS BECOME A TRANSPORTATION HUB. WITH EIGHT SUBWAY LINES MINUTES FROM MANHATTAN AND THE 59TH STREET BRIDGE, IT’S EASY TO SEE WHY LONG ISLAND CITY IS ONE OF THE MOST ACCESSIBLE LOCATIONS OUTSIDE OF MANHATTAN. WITH NEW OFFICE TOWERS RISING IN HUDSON YARDS, LONG ISLAND CITY’S ACCESS TO THE 7 TRAIN, THE ONLY TRAIN RUNNING DIRECTLY TO HUDSON YARDS, WILL PROVE TO BE A TREMENDOUS ASSET AND GROWTH FACTOR FOR THE NEIGHBORHOOD. WHETHER IT’S HEADING OUT TO CITI FIELD OR DOWNTOWN FLUSHING, VISITING FRIENDS IN MIDTOWN, TRAVELING TO LONG ISLAND, OR CATCHING A FLIGHT, LIC IS CENTRALLY LOCATED VIA PUBLIC TRANSPORTATION.


39th Ave. Station

36th Ave. Station

Queensboro Plaza

21 st Street-Queensbridge Station

Queens Plaza

Court Square Station

Queensboro BridgeAADT: 170,277 VPD






NEIGHBORHOOD CULTURE:WITH A DEEP-ROOTED INDUSTRIAL HISTORY, LONG ISLAND CITY HAS RISEN INTO ITS OWN AS A THRIVING CULTURAL DESTINATION. AS MANUFACTURING IN NEW YORK CITY EVOLVED AND RESIDENTIAL USES ROSE OUT OF TRADITIONAL MANUFACTURING SPACES, LIC REINVENTED ITSELF. A WALK THROUGH THE STREETS OF LIC, AS TOWERS RISE AND FORMER MANUFACTURING SPACES ARE TRANSFORMED, THE NEIGHBORHOOD HAS GAINED A TRUE CHARM. FROM SILVERCUP STUDIOS TO MOMA PS1, THE ARTISTIC CULTURE OF LIC HAS BECOME SYNONYMOUS WITH ITS IDENTITY. WITH AN EVER-GROWING RESTAURANT AND NIGHTLIFE SCENE, THERE IS NEVER A SHORTAGE OF WHERE TO GO FOR DINNER OR TO GRAB A CRAFT-BEER AT A LOCAL BREWERY WITH SOME FRIENDS. TAKE ONE WALK ALONG THE LIC WATERFRONT, AND IT’S EASY TO SEE WHY SO MANY HAVE FALLEN IN LOVE WITH THE NEIGHBORHOOD.







421-A TAX INCENTIVE PROGRAM:

THE 421-A TAX INCENTIVE PROGRAM WAS ESTABLISHED IN 1971 TO PROMOTE AFFORDABLE RESIDENTIAL DEVELOPMENT ON VACANT LOTS OR LOTS WITH IMPROVED NON-CONFORMING USES BY SIGNIFICANTLY DECREASING PROPERTY TAXES FOR A SPECIFIC PERIOD OF TIME. IN 2017, THE AFFORDABLE NEW YORK PROGRAM REPLACED 421-A, BUT BECAUSE TALO 38 BEGAN CONSTRUCTION IN 2015, THE PROPERTY ADHERES TO THE OLDER 421-A PROGRAM. TALO 38 WAS APPROVED FOR THE 15-YEAR ABATEMENT PROGRAM, WHERE THE RESIDENTIAL PORTION OF THE PROPERTY WILL OPERATE WITH A FULL 421-A ABATEMENT FOR 11 YEARS, AND EACH YEAR THEREAFTER, THE ABATEMENT WILL DECREASE BY 20% UNTIL IT IS FULLY TAXABLE STARTING YEAR 16. FOR A PROJECTED SCHEDULE OF TALO 38’S 421-A ABATEMENT, PLEASE CONTACT EXCLUSIVE BROKERS.







CONSTRUCTION, PLANNED DEVELOPMENTS ETC:IN NEW YORK CITY’S CONSTRUCTION BOOM, LONG ISLAND CITY HAS REMAINED AN AREA OF PREEMINENT FOCUS FOR DEVELOPERS. LOW VACANCY AND CONSISTENTLY GROWING RENTS HAVE PROVED THE NEIGHBORHOOD’S WORTH AS A VIABLE BRIGHT SPOT FOR NEW YORK CITY. WITH STEADY INCREASES IN ANNUAL RENT GROWTH, SALES PER UNIT, AND CONSISTENTLY COMPRESSED CAP RATES, DEVELOPERS AND INVESTORS HAVE FOUND STABILITY AND STRONG FUNDAMENTALS IN THE NEIGHBORHOOD. AS CONSTRUCTION COSTS CONTINUE TO STEADILY RISE, TALO 38 PROVIDES AN OPPORTUNITY TO OWN A SUCCESSFUL WORLD-CLASS NEW CONSTRUCTION ASSET.


3.

5.8.

16.17.

13. 14.

19.

18.

10.

11.

12.9.

6.

4.

15.

1.

2.

20.24.

25.

26.23.

22.

21.

AREA BUILDINGS UNDER CONSTRUCTION

20. 36-37 31st St - 22 Units - Under Construction

21. 41-32 27th Street - 46 Units - Under Construction

22. 27-05 41st Ave - 44 Units - Under Construction

23. 40-05 Crescent St - 32 Units - Under Construction

24. 25-16 37th Ave - 22 Units - Under Construction

25. 38-23 28th St - 40 Units - Hotel Under Construction

26. 39-39 27th St - 79 Units - Hotel Under Construction

EXISTING AREA BUILDINGS1. 36-27 31st St - AXIS LIC - 33 Units - Built 2019

2. 31-19 37th Ave - 10 Units - Built 2018

3. 25-16 37th Ave - The Lanes - 57 Units - Built 2017

4. 41-21 23rd St - 29 Units - Built 2016

5. 25-10 38th Ave - 19 Units - Built 2015

6. 41-42 24th Street - QLIC - 421 Units - Built 2015

7. 41-07 Crescent Street - Baker House - 48 Units - Built 2016

8. Ramada by Wyndham Long Island City

9.Red Lion Inn & Suites Long Island City

10.Quality Inn 30-03 40th Ave, Long Island City, NY 11101

11.Hilton Garden Inn Long Island City Queensboro Bridge

12. Hilton Garden Inn Long Island City Queensboro Bridge

13. Nesva Hotel

14. Hotel Vetiver

15. Fairfield Inn & Suites by Marriott Queensboro Bridge

16. Boro Hotel

17.Four Points by Sheraton LIC/Queensboro Bridge

18. Holiday Inn - Manhattan View

19. Home2 Suites by Hilton Long Island City






CORNELL TECH:THE 12-ACRE SITE LOCATED MINUTES FROM LIC ON ROOSEVELT ISLAND IS NOW HOME TO CORNELL TECH, A JOINT ACADEMIC VENTURE BETWEEN CORNELL UNIVERSITY AND TECHNION-ISRAEL INSTITUTE OF TECHNOLOGY. CORNELL TECH IS EXPECTED TO BRING 28,000 JOBS AND UP TO 600 COMPANIES TO THE AREA. LONG ISLAND CITY’S ACCESS TO THE F TRAIN AND THE ROOSEVELT ISLAND BRIDGE, THE ONLY SUBWAY AND BRIDGE LEADING TO ROOSEVELT ISLAND, WILL PROVE TO BE AN IMPORTANT FACTOR IN THE FURTHER DEVELOPMENT OF ROOSEVELT ISLAND, THE CORNELL TECH SITE, AND LONG ISLAND CITY.


CORNELL TECH CAMPUS






DEMOGRAPHIC INFORMATION .25 MILES .5 MILES 1 MILE2010 Population 6,591 23,911 90,3692018 Population 7,345 28,205 104,4422023 Population 8,881 31,694 116,975

Trends: 2018-2023 Annual RatePopulation 3.87% 2.36% 2.29%Households 3.75% 2.09% 2.24%Families 3.63% 2.07% 2.06%Owner Households 2.94% 3.09% 2.66%Median Household Income 4.75% 3.57% 4.36%







KEY FACTS

7,345Population

35.5

Median Age

2.8

AverageHousehold Size

$54,776Median Household

Income

EDUCATION

15%

No HighSchool

Diploma 24%High School

Graduate

18%Some College 44%

Bachelor's/Grad/ProfDegree

BUSINESS

490Total Businesses

4,930Total Employees

EMPLOYMENT

59%White Collar

18%Blue Collar

22%Services

5.9%

UnemploymentRate

INCOME

$54,776

Median HouseholdIncome

$28,392

Per Capita Income

$19,837

Median Net Worth

Households By IncomeThe largest group: $50,000 - $74,999 (16.3%)

The smallest group: $200,000+ (5.7%)Indicator Value Difference

<$15,000

$15,000 - $24,999

$25,000 - $34,999

$35,000 - $49,999

$50,000 - $74,999

$75,000 - $99,999

$100,000 - $149,999

$150,000 - $199,999

$200,000+

10.1%

10.0%

10.0%

15.7%

16.3%

11.4%

14.5%

6.3%

5.7%

-0.6%

+1.4%

+1.4%

+4.0%

-1.4%

-2.0%

-1.5%

-0.8%

-0.6%

Bars show deviation from

Queens County







37-40 27th STREET | LONG ISLAND CITY, QUEENS, NY 11101 RESIDENTIAL INTERIOR FURNISHED






37-40 27th STREET | LONG ISLAND CITY, QUEENS, NY 11101 RESIDENTIAL INTERIOR UNFURNISHED






37-40 27th STREET | LONG ISLAND CITY, QUEENS, NY 11101 COMMON AREAS






37-40 27th STREET | LONG ISLAND CITY, QUEENS, NY 11101 GROUND FLOOR RETAIL






37-40 27th STREET | LONG ISLAND CITY, QUEENS, NY 11101 PARKING






37-40 27th STREET | LONG ISLAND CITY, QUEENS, NY 11101 OUTDOOR






37-40 27th STREET | LONG ISLAND CITY, QUEENS, NY 11101 BUILDING MECHANICALS

brand new mixed-use building · 2019-04-01 · lic. re salesperson. [email protected] kenneth...

Documents