Massey Knakal Retained Exclusively To Sell Long-Term Leased Garage Condominium In Long Island City
Massey Knakal Realty Services has been retained on an exclusive basis to sell a garage condominium at 27-28 Thomson Avenue, located on the corner of Thomson Avenue and Court Square in the Long Island City neighborhood of Queens. The asking price is $6,950,000.
The approximately 41,924-square foot garage condo is located at the base of the recently redeveloped Arris Lofts Condominium Building. The condo is leased until 2023 to an experienced, long-term New York City garage operator with eight locations. The ceilings are approximately 11.5 feet high and auxiliary parking is allowed.
The building is ideally located across the street from CUNY Law School, One Court Square which is also known as “The Citicorp Building”, and the Purves Development Site which will house two towers with over 279 residential units. This offering is an excellent opportunity for an investor looking for strong in-place cash flow in one of the fastest growing neighborhoods of New York City.
“The condo, with 200 legal parking spaces and oversized ceiling heights, benefits from a 421a tax abatement and provides an investor with a going in cap rate of 4.9%,” said Massey Knakal’s James Nelson,who is exclusively marketing this property with David Chkheidze and Mitchell Levine. “There is tremendous demand for quality parking garages in Long Island City. This is a very busy location and an income-producing garage has strong potential for upside,” Mr. Chkheidze said.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,700 transactions having a market value in excess of $19 billion.