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17924 Union Tpke 16,940 SF 100% Leased Retail Building Fresh Meadows, NY 11366 $9,250,000 ($546.04/SF) 6% Cap Rate
EXECUTIVE SUMMARY
DEAL PAGE & DATA ROOM LINKS BELOW
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Stonefield Real Estate has been exclusively retained to market 179-24 Union Turnpike, a newly constructed, fully occupied retail asset located in the Fresh Meadows neighborhood of Queens, NY.
.
Brand New Construction
• Delivered in 2024 with modern steel-frame design engineered for vertical expansion
• Fully leased, including a turnkey cellar space with private elevator access
• Zero deferred maintenance with roof, structure, parking lot, and mechanical systems all brand new.
.
Strong Tenancy & Stable Cash Flow
• 100% occupied by four service-based tenants
• Long-term leases featuring scheduled rent escalations and personal guarantees
• Net leases with tenant reimbursements for property taxes and common area maintenance
.
Prime Fresh Meadows Location
• Prominent Union Turnpike frontage with high daily traffic
• Close proximity to St. John’s University
• Surrounded by dense residential neighborhoods
.
Favorable Tax Abatement Structure
• In process of securing a 15-year ICAP tax abatement
• Payable property taxes are projected to begin at $77,245 in Year 1 (2026/2027) and gradually increase as the abatement phases out
• Full abatement benefits remain constant for the first 11 years, with a phased reduction over Years 12 through 15
.
Stonefield Real Estate has been exclusively retained to market 179-24 Union Turnpike, a newly constructed, fully occupied retail asset located in the Fresh Meadows neighborhood of Queens, NY.
.
Brand New Construction
• Delivered in 2024 with modern steel-frame design engineered for vertical expansion
• Fully leased, including a turnkey cellar space with private elevator access
• Zero deferred maintenance with roof, structure, parking lot, and mechanical systems all brand new.
.
Strong Tenancy & Stable Cash Flow
• 100% occupied by four service-based tenants
• Long-term leases featuring scheduled rent escalations and personal guarantees
• Net leases with tenant reimbursements for property taxes and common area maintenance
.
Prime Fresh Meadows Location
• Prominent Union Turnpike frontage with high daily traffic
• Close proximity to St. John’s University
• Surrounded by dense residential neighborhoods
.
Favorable Tax Abatement Structure
• In process of securing a 15-year ICAP tax abatement
• Payable property taxes are projected to begin at $77,245 in Year 1 (2026/2027) and gradually increase as the abatement phases out
• Full abatement benefits remain constant for the first 11 years, with a phased reduction over Years 12 through 15
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront
Building Size
16,940 SF
Building Class
C
Year Built
2024
Price
$9,250,000
Price Per SF
$546.04
Cap Rate
6%
NOI
$554,796
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
1.22
Lot Size
0.32 AC
Zoning
R2A
Parking
11 Spaces (0.65 Spaces per 1,000 SF Leased)
Frontage
132’ on Union Tpke
AMENITIES
- 24 Hour Access
- Tenant Controlled HVAC
- Air Conditioning
Walk Score®
Walker's Paradise (90)
Transit Score®
Excellent Transit (70)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 07229-0020 | Improvements Assessment | $411,598 |
| Land Assessment | $175,500 | Total Assessment | $587,098 |
PROPERTY TAXES
Parcel Number
07229-0020
Land Assessment
$175,500
Improvements Assessment
$411,598
Total Assessment
$587,098
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17924 Union Tpke
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