89-22 QUEENS BOULEVARD ELMHURST, NY Prime NNN Leased Retail Property FOR SALE OFFERING MEMORANDUM

Transcription

1 89-22 QUEENS BOULEVARD ELMHURST, NY OFFERING MEMORANDUM Prime NNN Leased Retail Property FOR SALE

2 THE DONOVAN TEAM PRIME 1031 EXCHANGE OPPORTUNITY NNN LEASED RETAIL BUILDING FOR SALE QUEENS BOULEVARD, ELMHURST, NY FOR SALE PROPERTY INFORMATION Block / Lot: 2855 / 19 Lot Dimensions: x (approx.) Lot Sq. Ft.: 5,623 SF (approx.) Building Dimensions: 40 x 135 Stories: 2 Plus Cellar Building Sq. Ft.: 11,200 SF (approx.) Building Class: K2 Multi-Story Retail Building Zoning: R6 / C1-3 F.A.R. (As-of-Right): 3.0 Residential / 2.0 Commercial Available Air Rights: 5,669 SF (approx.) Assessment (17/18): $543,285 (Dept. of Finance) RE Taxes (17/18): $57, (approx.) ASKING PRICE: $10,400,000 PROPERTY DESCRIPTION Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a 40 wide, two-story retail totaling ~11,240 square feet, at the southwest corner of Queens Boulevard and 57th Avenue in Elmhurst, NY. The entire is leased on a NNN basis to DeRucci Bedding Co., a highend furniture store which has invested $1.5 million into their build-out and operates over 2,200 stores worldwide. The property features tremendous retail exposure, with 40 of frontage on Queens Boulevard and 135 of frontage on 57 th Avenue, and an average daily traffic count of nearly 50,000 vehicles. It is also situated across the street from Queens Place and Queens Center Mall, as well as in proximity to the Long Island Expressway and M R subway station. With 3% annual rent increases (revenue increases to $437, effective 9/1/18) and over seven years remaining on the lease, this property poses an ideal 1031 exchange opportunity. REVENUE (NNN LEASE) Building Sq. Ft. P.P.S.F. Annual Increase Lease Start Lease Expires Annual Revenue 11,200 $38 3% 9/1/15 8/31/25 $424, For more information, please contact Exclusive Agents: Thomas A. Donovan Vice Chairman (718) tom.donovan@cushwake.com Tommy Lin Director (718) tommy.lin@cushwake.com Eugene Kim Director (718) eugene.kim@cushwake.com Robert Rappa Associate Director (718) robert.rappa@cushwake.com Cushman & Wakefield Queens Boulevard 14 th Floor Forest Hills, NY (718) nyinvestmentsales.com Cushman & Wakefield Copyright No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

3 RETAIL AND TAX MAP QUEENS PLACE REGO CENTER QUEENS CENTER

4 NEIGHBORHOOD CHARACTER - ELMHURST AREA HIGHLIGHTS Approximately 5 miles from Manhattan Average Annual Daily Traffic counts of ~50,000 vehicles on Queens Boulevard and ~190,000 vehicles on the Long Island Expressway Queens Center Mall, anchored by Macy s and JCPenney, is comprised of nearly 1M square feet of retail and has retail sales per square foot nearly triple the national average Queens Place Mall s flagship stores are Target, Best Buy and DWS, and is comprised of ~440,000 SF of retail floor area Rego Center is comprised of nearly 1.2 million square feet and features retailers such as Costco, Kohl s, Century 21, Old Navy and Bed Bath and Beyond Queens Pointe, one block east of the subject property, is a recent conversion of the former St. John s Hospital, featuring 144 luxury rental apartments with retail, community use and onsite parking DEMOGRAPHICS INFORMATION 1 mile radius 2 mile radius 3 mile radius POPULATION 2017 Total 183, , , # of Households 62, , , Projections 185, , ,638 HOUSEHOLD INCOME Avg HH Income $70,522 $76,309 $76,081 Median HH Income $51,153 $56,828 $57,250 DEVELOPMENT MAP th Street Planned 4-story 12-unit apartment Woodside Ave. Planned 4-story 8- unit mixed-use Roosevelt Ave. Planned 7-story 44- unit mixed-use nd Street Planned 7-story commercial 89-26/40 43 rd Ave. (7) planned 3-story 3-family homes th Street Planned 3-story mixed-use th Ave. Planned 7-story 30-unit apartment th Street (2) planned 4- story 3-family homes Dongan Tower 7-story mixed-use condo Queens Blvd. Planned 2-story 107,100 SF storage Van Loon St. Planned 7-story mixed-use Elm West Planned 6-story 83-unit mixeduse Justice Ave. Planned 18-story mixed-use condo th Avenue Planned 4-story 9- unit mixed-use th St. Planned 9-story 74-unit apartment Queens Blvd. Planned 7-story 33- unit mixed-use QUEENS BOULEVARD Queens Blvd. Planned 2-story 6,000 SF commercial th Street Planned 4-story 19,000 SF commercial th Ave. Planned 5-story 30-unit apartment

5 TENANT PROFILE ABOUT DERUCCI DeRucci Beddings Company Limited is incorporated and established in 2004 in China. It is a multi-million, leading high-end bedding company and brand in China positioning itself as a Global Integrator of Healthy Systems and Resources. DeRucci is dedicated to research and develop a complete concept of better sleep and body care as well as a bedding system with better ergonomics and environment that could fulfill the concept. The corporate vision of De Rucci is to becoming the worldwide most respected healthy sleeping system leader and our mission is to enable people to sleep better by creating a perfect healthy bedding system and environments for our consumers. DeRucci has chosen best quality materials around the globe for healthy sleeping concentration. DeRucci has established closed corporate partnership with some prestigious corporations including Italy s Technogel, Belgium s Rako, Germany s Otten, Italy s Salvadori, ARTILAT N.V, Italy Lamborghini, Switzerland s DOC corporate, and Belgium s Kmart. Through international cooperation, De Rucci has brought in world advanced bedding manufacturing materials and technology to build a whole new bedding system for the general public in China. In 2011, the world well-renowned brand Lamborghini Beddings has chosen De Rucci as its sole China corporate partner. In 2014, DeRucci has been awarded the Famous Trademark of China. DeRucci has also made effort to diversify its business and promote its brand name by and investing successfully in movie-making and various cultural events in China recently. COMPANY HIGHLIGHTS Long term cooperation relationship with global partners: Switzerland DOC, Belgium Artilat, RAKO, German Otten, Italy Figino,Bedding S.R.L and LAMBORGHINI, etc The entire system is tailor-made to provide perfect combination of bodycare, comfort and taste. The world s famous designer team from Europe. Over 2,200 exclusive stores all over the world: China, HK, Dubai, Australia, Germany, Italy, France, US, Japan, Canada, Egypt Estimated $2 Billion in revenue Website:

6 INTERIOR PHOTOS

7 CERTIFICATE OF OCCUPANCY

8 89-22 QUEENS BOULEVARD ELMHURST, NY FOR MORE INFORMATION, CONTACT EXCLUSIVE AGENTS: Thomas A. Donovan Vice Chairman (718) OFFERING MEMORANDUM Eugene Kim Director (718) Tommy Lin Director (718) Robert Rappa Associate Director (718) nyinvestmentsales.com