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Urban-High Street

Galerie Retail Condos

2218 Jackson Ave, Queens, NY 11101

Listing Price: $6,802,576

Cap Rate
4.60%
Gross SF
4,778
Rentable SF
4,778
Price/Gross SF
$1,423.73
Lot Size
0.25 acres
Year Built
2020

Investment Overview

Marcus & Millichap is pleased to present 22-18 Jackson Avenue, two tenant retail condos located on the ground floor a newly developed condo building in Long Island City, New York. The subject property is comprised of 4,778 square foot of gross leasable area and located in the heart of Long Island City, a short walk from New York Citys 7, G, M, & E subway lines, the Long Island Rail Road, and I-495. F45 Fitness signed an initial ten (10) year lease with one (1) five (5) year option and Pediatrics Associates of New York City signed an initial fifteen (15) year lease with one (1) five (5) year option. The tenants occupy the entire lower-level of the Galerie, a luxury 182-unit residential condominium complex that was recently completed in 2020. Each tenant is responsible for their utilities, expenses, and common area maintenance; with the landlord being responsible for taxes and roof and structure. Landlord has received a 15-Year ICAP Tax Abatement for the commercial space and will seek credit for savings upon sale. Each tenant will also pay for a percentage of any tax increase over the base year term. Jackson Avenue is a bustling street just off of I-495 (Long Island Expressway) that sees over 17,000 vehicles per day. The subject property is nestled between myriad national retailers like Chipotle, Chase Bank, BP Gas, Starbucks and Dunkin', that create steady car and foot traffic in the surrounding area. Additional information is available upon request.

Investment Highlights

  • Approximately 4,778 SF GLA on a 0.25 Acre Lot
  • Immediate Vicinity to 8 Subway Lines
  • Ground Floor Space of 182-Unit Condo Building
  • Across the Street from MoMa P.S. 1

Exclusively Listed By

  • Michael Tuccillo

    Licensed Associate Real Estate Broker

    (212) 430-5196

    Email Michael

    License(s): NY: 10301217094, NY: 10491208938

    Manhattan

Financing By

Urban-High Street

Galerie Retail Condos

Listing Price: $6,802,576

Cap Rate
4.60%
Gross SF
4,778
Rentable SF
4,778
Price/Gross SF
$1,423.73
Lot Size
0.25 acres
Year Built
2020

Investment Highlights

  • Approximately 4,778 SF GLA on a 0.25 Acre Lot
  • Immediate Vicinity to 8 Subway Lines
  • Ground Floor Space of 182-Unit Condo Building
  • Across the Street from MoMa P.S. 1

Investment Overview

Marcus & Millichap is pleased to present 22-18 Jackson Avenue, two tenant retail condos located on the ground floor a newly developed condo building in Long Island City, New York. The subject property is comprised of 4,778 square foot of gross leasable area and located in the heart of Long Island City, a short walk from New York Citys 7, G, M, & E subway lines, the Long Island Rail Road, and I-495. F45 Fitness signed an initial ten (10) year lease with one (1) five (5) year option and Pediatrics Associates of New York City signed an initial fifteen (15) year lease with one (1) five (5) year option. The tenants occupy the entire lower-level of the Galerie, a luxury 182-unit residential condominium complex that was recently completed in 2020. Each tenant is responsible for their utilities, expenses, and common area maintenance; with the landlord being responsible for taxes and roof and structure. Landlord has received a 15-Year ICAP Tax Abatement for the commercial space and will seek credit for savings upon sale. Each tenant will also pay for a percentage of any tax increase over the base year term. Jackson Avenue is a bustling street just off of I-495 (Long Island Expressway) that sees over 17,000 vehicles per day. The subject property is nestled between myriad national retailers like Chipotle, Chase Bank, BP Gas, Starbucks and Dunkin', that create steady car and foot traffic in the surrounding area. Additional information is available upon request.

Exclusively Listed By

  • Michael Tuccillo

    Licensed Associate Real Estate Broker

    (212) 430-5196

    Email Michael

    License(s): NY: 10301217094, NY: 10491208938

    Manhattan

Financing By

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