TROPHY PROPERTY FORSALE 34-39 31St, Astoria Vass Stevens Gr oup - http:/ ww.vass-stevens.com 718-880-3980
ABOUT VASS STEVENS The Vass Stevens Group is a New York City based real estate services and investment group. We strive to provide our clients and investors with customized and creative real estate solutions with a focus on the markets we know best: the Outer Boroughs of New York City. Steve Lysohir President of Retail & Office Division Direct: (718) 880-3980 x.107 Mobile: (516) 633-6160 slysohir@vass-stevens.com Peter Vassiliou President of Multi-Family & Mixed-Use Division Direct: (718) 880-3980 x.101 Mobile: (917) 674-8571 pvassiliou@vass-stevens.com
Executive Summary The Vass Stevens Group is pleased to present an opportunity to purchase a 18,000 square foot corner property located on a major mixed use artery on the border of Astoria and Long Island City. The existing property is a single story retail and warehouse building with high ceilings, 220 feet of frontage on the busy 31st Street corridor and 80 feet of frontage on 35th Avenue. This building will be delivered vacant. The subject property is located one block from the 36th Avenue N & W subway station providing direct access to Queensboro Plaza and Manhattan. The property is surrounded by restaurants, schools, cafes, retail, and nightlife. The corner of 35th Avenue directly ties to Kaufman Astoria Studios, the Museum of the Moving Image, We Work and multiple destination shopping and dining venues. The location offers a quick commute via the subway or bus to Manhattan and Long Island City. The opportunity allows the purchaser to take advantage of a great corner location and an underutilized building that lends itself to convert to quality retail in a quickly growing trade area and location. As 31st Street continues to mature rents will achieve levels of other more established retail arteries in Astoria commanding anywhere from $65 to $125 per square foot further enhancing value.
Existing Property & Location Existing Property - 34-39 31 Street in Astoria, Queens - Corner of 31st Street & 35th Avenue - 18,000 Square Foot Lot (220?x 80?) - Building size 16,000 Square Feet (220?x 80?) - R5 Zoning District (C/ O allows retail and office) - Year Built 1956 / Altered 2005-19?Ceiling Heights - Vacant building - 2,000 square foot undeveloped lot used for parking - Brick Façade - Basement: None - Electric: 1000 Amps - Heat: Gas - Water: Separately Metered - HVAC: Blowers located within individual spaces - Delivered vacant Trade Area - Located on a major artery with vehicle, pedestrian, and mass transit present - One block from the 36 Street N & Q Train stop - Easy access to Manhattan and LIC - Trade area in high demand from residential and commercial renters - Trade area revitalization is still in its early stages and currently seeing tremendous growth - Close proximity to Kaufman Astoria Studios, Museum of Moving Images, Frank Sinatra of the Arts High School, Wework and Studio Square. Existing Property
Financial Overview Asking Price $11,500,000 Lot Size Building Size 220 X 80 = 18,000 SF 200 X 80 = 16,000 SF Zoning R5, Far 1.25 CO allows Existing building price Potential rent existing building Potential vacant lot rent Retail / Office $718 PSF $800,000 ($50 PSF) $15 PSF Potential rezoning C4-3
Trade Area Profile The property is well positioned between two vibrant Queens markets. Astor ia - Mid-rise residential area - Local and national retail - Population > 78,000 - Income Profile: Moderate / Working Class - Average 2 BR Rentals Available: $2,300 Month - Ave HH Income: $63,645 - Preferred Means of Travel: Subway / Bus - Ave Cars per Household: 1 Long I sland City - High-rise residential area - Multinational companies - Population > 68,000 - Income Profile: Middle Class / White Collar - Average 2 BR Rentals Available: $4,000Month - Ave HH Income: $70,696 - Preferred Means of Travel: Subway / Bus - Ave Cars per Household: 0
Traffic & Mass Transit Access - Northern Blvd AADT = 36,000-31st Ave AADT = 15,000 - Broadway Street = 11,000 - N/W Train (36th Ave) = 1.2 Million Riders Annually - N/W Train (Broadway) = 4.1 Million Riders Annually - Q66 BUS = 4,458,000 Annual Riders - Q102 BUS = 833,000 Annual Riders - Q101 BUS = 1,097,000 Annual Riders - New Citi Bike dock located outside premises - Annual Citi Bike membership 138,109
35-37 36 Street, 2nd Floor Astoria, NY 11106 (718) 880-3980 www.vass-stevens.com