Jackson Heights, NY , 26M

Trophy Mixed-Use Asset – Jackson Heights, NY

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Property Overview

• 62 Total Units
 – 56 Residential Units (80% Free Market)
 – 6 Commercial Units
• 8 Towers in 2 Connected Buildings
• Unit Types:
 – 2, 3, 4, and 5-Bedroom Apartments
 – Duplex Penthouses
 – No Studios or One-Bedroom Units

• Lot Size: 0.60 Acres / 26,000 SF
• Gross Building Area: 54,620 SF
• Zoning: R7-1 / R5
• Property Type: Fee-Simple, Mixed-Use Multifamily
• 2023 MAI Appraisal (as existing rental): $28.9 Million

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Location Highlights

• Prime block-front location in Jackson Heights, Queens
• Situated along 34th Avenue Promenade – converted by the city into a pedestrian-friendly greenway, increasing tenant and buyer appeal
• Rare trophy asset in a development-restricted and low-turnover area
• High occupancy due to overflow from Manhattan and continued demand in 2023
• Within walking distance of:
 – Top international restaurants and bakeries
 – Entertainment, shopping, year-round farmer’s market
 – Highly rated schools
 – Bus stops and access to five subway lines

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Operational Efficiencies

• No Elevator Maintenance (walk-up buildings)
• No 3-shift Doorman Costs
• Live-in Superintendent:
 – Free 2-bedroom unit (value: $3,000/month)
 – Salary: $2,400/month
 – Effective compensation: $5,400/month
• Self-Management Fee: 2% of rental income (shared across ownership’s portfolio)
• Low Repair Costs: Majority of units gut renovated during past condo conversion

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Investment Highlights

• Rare Opportunity to acquire a large-scale, fee-simple, block-front property in a tight supply submarket
• High percentage of Free Market Units (80%) allows for rent growth upside
• Ideal for 1031 Exchange Buyers or long-term investors
• Potential condo conversion or continued rental income with strong fundamentals
• Strong location dynamics with limited comparable product available

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Great Condo Conversion Upside with location being its biggest asset in a supply-constrained market with high barriers to entry. Most apartments have undergone gut renovation over the last 3 years in preparation for condo conversion exit strategy. Condo Conversion Upside Projected $15,000,000