Basics
- Date added: Added 4 years ago
- Category: Commercial, For sale
Description
-
Description:
48 UNITS FOR SALE PLUS 2 Medical Units + 30,000 Sq. Ft. Air Rights + a home, !!!!!! THE OWNER WILL TAKE BACK $15 MILLIONS FOR 5 YEARS ON A 30 YEAR PAYOUT.....WE CAN FINANCE UP TO 75% OR we will let the owner hold a mortgage for you ?? if necessary JUST ASK........
Show all description
In the Heart of Flushing Queens NY 11355 Queens, NY 11355
Property Type: Land ; Sub-type: Commercial
Zoning: R6 ; Lot Size (sq ft): 20,925 ; Price/Sq Ft (Land Value): $700 - 950/SF
Marketing Description
The property is spanning 32,820 gross sq ft in total, 48 residential units, 2 co 2 community facility / medical office units. The residential units consist of 24 studio and 24 one-bedroom. 31 above ground parking in the back. Recently building upgrades including a new elevator was installed in 2019, newly renovated front entrance, lobby, hallway in 2019 and facade and roof repair in 2018-2019. 134-47 Maple Ave has 10,980 SF air right, combining with 6,379 buildable SF from 133-12 Sanford Ave, there are total 17,359 total buildable SF for residential / community development. More than 51% of the tenants have expressed keen interests to purchase the unit and verbally committed. 68% of the tenants are willing to pay $700 - $800 per SF where the market rate in this area is ranging $850 - 950 per SF. The first part is the sale of 50 unit apartment building, asking at $26,250,000 or
$800/SF. The second part is the sale of the air right and land. A total 30,000 SF buildable land, asking at $9,000,000 or $300/SF.
Investment Highlights
Prime location. Downtown Flushing has one of the highest foot traffic counts in New York City. There are numerous megadevelopment projects in Flushing, and this development frenzy will not stop, if fact, it is accelerating.
The property presents an opportunity for investors to purchase building with strong cash flow at a low basis.
Long term upside in a highly sought after area of Downtown Flushing.
R6 Zoning;
A total 30,000 SF buildable land,
For more details on this property contact the Broker : Danny Odato
Or simply call: 646-552-0455