The Crown Residency At Northern 10312 Northern Blvd 42 Unit Apartment Building For Sale 5.41% Cap Rate Flushing, NY 11368

The Crown Residences at Northern is a newly constructed, luxury mixed-use asset located in the heart of Corona, Queens. Completed in Fall 2023, the property offers condominium-quality finishes and modern design throughout, presenting a rare opportunity to acquire a turnkey, institutional-grade building in a rapidly evolving submarket.
The property encompasses approximately ±36,809 gross square feet and consists of 39 residential units and 3 ground-floor retail spaces. The residential component includes a well-balanced mix of 23 free-market units and 16 rent-stabilized units, providing both immediate income and long-term upside through market growth. The property also features rear on-site parking with garage access, a highly desirable amenity in the market, as well as a live-in superintendent, ensuring efficient building operations and tenant service.
Residents benefit from a full suite of amenities, including a fitness center, on-site laundry facility, rooftop access, and elevator service, enhancing tenant appeal and retention.
The asset is further supported by a 35-year tax abatement extending through 2058, delivering significant operating expense savings and strong cash flow efficiency for ownership.
Positioned along Northern Boulevard, the property offers excellent connectivity and is surrounded by major ongoing redevelopment, further strengthening long-term value and rental demand.