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Area Size
NOI Net Operating Income N/A
NIY N/A
Asking Price Contact for pricing
Area Size
NOI Net Operating Income N/A
NIY N/A

Documents

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Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Building Area Gross

Asset Description

Jones Lange Lasalle is pleased to present a premier mixed-use commercial development located at 23-20 Jackson Avenue in the heart of Long Island City.

Investment Highlights

ICAP TAX SAVINGS

The Property currently benefits from a 25 Year Industrial & Commercial Abatement Program (ICAP) which provides abatements for property taxes for 25 years. To be eligible, industrial, and commercial buildings must be built, modernized, expanded or otherwise physically improved.

ATTRACTIVE GROUND LEASE AGREEMENT

The property sits on favorable 99-year ground lease that does not include any fair market resets for its entire term and consists of only fixed, predetermined rental rate increases. This predictable schedule of ground lease payments provides stable and steadily increasing cash flow.

VIBRANT NEIGHBORHOOD

Situated on a prime corner-lot, in the heart of LIC, the property is positioned to take full advantage of everything Jackson Avenue has to offer. Popular retailors within walking distance include Trader Joes, Target, Starbucks, and Chipotle. Neighborhood favorites include Levante, Indie LIC, and Jora. The property is also in close proximity to many art studios, public parks, and schools.

CONVENIENT ACCESS TO MASS TRANSIT

23-20 Jackson is just steps away from the Court Square E G M 7 subway station, providing tenants with easy access to Midtown Manhattan within 10-minutes.

QUALITY TENANT BASE | APPROXIMATELY 95% LEASED

23-20 Jackson Avenue is home to the renowned global hospitality company Sonder and the national real estate broker Compass. Additionally, The Tippler, a well-known New York based cocktail bar, has leased the cellar and rooftop space. All are high-quality, established, and flourishing businesses.

FAVORABLE UNDERLYING RESIDENTIAL ZONING (R7-3)

Zoning allows the existing space to be converted to residential use.

Last Updated Date: 22 Nov 2021

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Last Updated Date: 22 Nov 2021

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