Office building, Queens, New York, USA

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Office building, Queens, New York, USA

$12,500,000
$2,594 /m²
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  • Total area
    4,818 m²
  • Yield
    4.3%
  • Built in 
    2010
Details
Property parameters
  • Land area: 878 m²
  • 6-floor building
Financial performance
  • Annual income: $505,873
Tenants
  • Fully let

A medical office building in New York.

Description

6-storey office building of Class A.

Benefits

  • all utilities (including water) are measured separately for each floor
  • tax benefits for real estate (balance — 5 years and 9 months)
  • possibility of professional building management (currently managed by doctors)

Financial performance

The cost of the property is 12,500,000 $.

The absolute annual income is 543,542 $.

The current yield is 4,3%.

Tenants

The building is fully rented.

Location and nearby infrastructure

The property is located in Astoria district, in Queens (Long Island). Queens is the largest on the territory (280 km²) and the 2nd on the population (about 2.4 million) borough in New York.

The district is traditionally considered one of the ”suburban“. There are several business districts in borough, such as Long Island City on the coastline of Queens opposite Manhattan. Here are the offices of Sino-American and Korean-American firms. Several large companies have their offices in Queens: the watch corporation Bulova, the corporation for the production of musical instruments ”Steinway & Sons“, JetBlue Airways — the airline, based at the Kennedy International Airport.

The property is conveniently located: there are N and W metro lines near by, Grand Central Parway, Brooklyn-Queens and I-278 expressways.

There is the Mount Sinai Hospital, the Astoria Greek Orthodox Community, Astoria Coffee and other infrastructure facilities within a walking distance.

Transport accessibility:

  • La Guardia Airport — 16 minutes by taxi (without traffic jams)
  • John F. Kennedy Airport — 19 minutes by taxi (without traffic jams)
  • Wall Street/ Financial District — 43 minutes by taxi (without traffic jams)
  • Times Square — 40 minutes by taxi (without traffic jams)

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