Investment Overview

The subject offering consists of a 2,393-square-foot retail condominium located on the corner of 47th Road and 5th Street in Long Island City (Queens). The unit sits at the base of a five-story, nine-unit boutique condominium building that was constructed brand-new in 2023. The property is fully occupied and leased to Fred Astaire Dance Studios on a ten-year lease that runs through January 31, 2034. The tenant has three percent annual increases. They are responsible for paying 100 percent of the Condo Maintenance Fees, and 100 percent of the real estate taxes above their base-year of 2024/2025 (base year taxes were $10,725). The unit has an entrance on the corner, with a private elevator that goes down to the lower level. The unit is Use Group 6, and it allows for all retail uses. The space has a 185-square-foot private entrance on the ground floor, and the additional 2,208 square feet are on the lower level. Positioned in an outstanding pocket of Long Island City, the offering is surrounded by thousands of new construction luxury apartments, and the streets are lined with local restaurants and retailers. It is located directly across the street from Duane Reade, and Foodcellar & Co Supermarket. The property is also just a short walk to both the waterfront, Gantry Plaza State Park, as well as the Vernon Blvd-Jackson Ave subway station (7 Train).