Highlights

• 25,000 SF will be vacant as of January 2011
• Perfect for an owner/user.
• MORTGAGE FOR $2.7M @ 6.4% FOR 7YRS, AMMORTIZED FOR 25YRS MUST BE ASSUMED.

• Owner is motivated to sell.
• Freight Elevator
• 2 Drive in Bays

Description

The subject property is a 3-story, 32,000 sf warehouse building with a freight elevator and two drive in bays, located on the South side of 44th Road between 11th Street and 21st Street in Long Island City, NY. The building is 46 feet in height and is constructed with steel and six-inch concrete slab. There are currently two tenants occupying the building. A PR firm that occupies approximately 25,000 sf, will be vacating as of January 2011, they are currently paying $264,000/yr. The 2nd tenant, a plywood firm, is occupying 7,000 sf on the 1st floor, they also use one of the drive in bays, and they have a 5yr lease with a 3yr option and are paying $105,000/yr. This property would be ideal for an owner/user.

There is a mortgage on the property that MUST BE ASSUMED in the amount of $2,700,000 with 7 years remaining at a 6.4% interest rate, amortized for 25 years with a balloon payment at the end of the term.

Located on the South side of 44th Road between 11th Street and 21st Street in Long Island City, NY.