Assignments

Free Market 17-Unit Building in Astoria with Parking

34-38 41st St, Long Island City, NY 11101

34-38 41st St, Long Island City, NY 11101

under contract

Asking
Sale Price
$
6200000

Property Details

Status
For Sale
Property Type
Multifamily
Price Summary
$
6200000
Sale Price
$
Buildable SF
17805
Building SF
17805
LOT SF
17805
Cap RATE
4.6
%
Zoning
R5

Highlights

  • Fully Free Market Building
  • Below Market Rents
  • Most apartments have outdoor space
  • 11 below grade parking spaces included
  • Laundry and storage units in the basement
  • 1 Block from the M, R Trains (Steinway Street)
  • Built in 2004

Property DEscription

Landair Property Advisors has been exclusively retained to sell 34-38 41st Street in the Astoria section of Queens. The asset consists of 17 residential units - 2 studios, (13) 1- bedroom and (2) 2-bedroom penthouse units with private outdoor spaces. The property is located 2 blocks from the M and R subway stop located at the corner of Steinway Street and 34th Avenue. Built in 2004, the property benefits from spacious layouts, Juliet balconies, basement storage and on-site laundry. There is potential to increase the room count on several of the units now the the 421a tax abatement has expired and the property benefits from free market status. Additionally, there is an easement with the office building behind it where 11 dedicated parking spaces are fully leased on a long term basis.

Map

Anand Melwani
Partner
(516) 658-1222
am@landairnyc.com

Documents

Offering Memorandum
Data Room

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