The Main Street Portfolio

Flushing, Queens, New York 1354

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Listing ID Number

25248

Property Description

AVAILABLE WITH PARTIAL PACKAGE PRICING, Please Inquire Within.

Stephen R. Preuss of Cushman & Wakefield has been exclusively retained on an exclusive basis for the sale of ‘The Main Street Portfolio’. This opportunity consists of the most dynamic and impactful retail driven portfolio in the entire borough. The package includes six (6) retail focused assets, which currently are leased at an average of nearly 40% of the current market rates, along with significant development rights all located within one block of each other. This Flushing section of Main Street is by far the highest paying retail and office corridor in all of Queens where retail rents routinely exceed $200 per square foot and office rates can reach $80+ per square foot. This is a once in a generation opportunity to capture the best retail and re-development opportunity in the outer boroughs with a true substantial value-add proposition.

The portfolio consists of 171,892 gross building square feet with a total 265’ of frontage on Main Street and 178’ of frontage on 37th Avenue off the corner of Main Street. All buildings are fully-leased with the exception of 135-28 37th Avenue and 37-02 Main Street. The average rental amount in this portfolio is approximately 60% below market rent for this corridor with the majority of the tenants operating in the last term of their lease. This package offers an approximate 317,121 gross buildable square feet and gross 169,429 square feet of current air rights. the 7 train is steps away from the package location and this Flushing stop is the busiest passenger location in all of the boroughs outside of Manhattan.

Available as a full portfolio or partial package. A full offering memorandum is available with an executed confidentiality agreement. Please inquire within for additional information or property inspections.

Overview

Building Type:Commercial Buildings, Development/Conversion Sites
Buildable Sq. Ft:317,121
approx.
Available Air Rights:169,429
approx.
Zoning:C4-2
Building Sq Ft:171,892
approx.

Contact

For further information or inspection, please contact Exclusive Agents:

Stephen R. Preuss
Senior Managing Director
(718) 512 2118
stephen.preuss@cushwake.com


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Property Map


Aerial View


The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.