Investment Overview

The subject offering is a 6,500 SF corner retail property on Jamaica Avenue in Richmond Hill (Queens). Chase Bank occupies the property on a NN lease that runs through May 31, 2026. This is a corporate guaranteed lease with Chase Bank that originated in June 2005 with zero renewal options remaining. Chase Bank is responsible for paying all the expenses on the property, including all real estate taxes, insurance, maintenance and utilities, as well as all repairs and maintenance to the roof. The landlord’s only responsibility is for structural repairs. Chase Bank has $156M in deposits at this location. The property is located on the corner of Jamaica Avenue and 115th Street, directly across the street from Dollar Tree and Crunch Fitness. This is a 6,500 SF single-story retail property with 29-foot ceilings. The property rests on a, 8,074 SF lot which has parking in the rear (parking is for bank employees only). The lot is zoned R6A/C2-4 with an FAR of 3 and a maximum buildable square footage of 24,222 SF (17,722 additional buildable SF). This is an opportunity to acquire a zero-management retail asset in Queens leased to a one of the strongest tenants in the world. Chase Bank is rated "A+" by Standard & Poor’s with 5,100 branch locations and annual revenue approaching $125 Billion per year. Jamaica Avenue is the major retail corridor on South Queens. The property is surrounded by local retailers and thousands of housing units, and it is four blocks from the entrance to the 111th Street Train Station (J Train).