Massey Knakal Retained Exclusively To Sell Industrial Building In Richmond Hill
Massey Knakal Realty Services has been retained on an exclusive basis to sell an industrial building at 132-05 Atlantic Avenue. The property is located between 130th Street and the Van Wyck Expressway in Richmond Hill, Queens, with anasking price of $11,500,000 or a 6.1% cap rate.
The building is currently occupied by the City of New York Sanitation Department on an NN basis with lease expiration in 17 years. The City of New York, a municipal corporation, is acting through The Department of Citywide Administrative Services, who is the signatory of the lease.
“It is rare to find such an attractive yield in NYC,” said Massey Knakal Partner James Nelson who is marketing the property with Director of Sales Brian Sarath. “The outer boroughs offer investors better returns as many investors overlook these opportunities,” added Sarath.
The two-story industrial/garage building, with a usable lower level, is approximately 72,147 rentable square feet and sits on a 196’ x 160’ lot. There is an open lot at the rear of the building totaling approximately 3,800 square feet, which is used for employee parking.
The property was gut renovated and includes a new roof, windows, sprinkler system, new fencing, new lube pump system with tanks installed, new staircases, HVAC, offices, locker rooms, and bathrooms. The interior of the building features high ceilings and heavy floor load, and is connected with a series of ramps allowing vehicle access for the DSNY trucks.
For more information on this listing, contact James Nelson at 212.696.2500 or firstname.lastname@example.org or Brian Sarath at 718.275.3400.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,200 transactions having a market value in excess of $15 billion.