Corner LIC Retail - Value-Add/Vacant 21-01 49th Ave 4,300 SF 100% Leased Retail Building Long Island City, NY 11101 $3,000,000 ($697.67/SF)

The subject offering is a 4,300 square foot; single-story retail property located on the corner of 21st Street and 49th Avenue in Queens’ Long Island City neighborhood. The site sits directly in front of the entrance to the subway (7 Train – Hunters Point Avenue), as well as the Hunters Point LIRR Train Station. The property is a five-minute subway ride into midtown Manhattan.
The asset rests on a 9,000 square foot lot (30 ft x 300 ft) zoned M3-1. The lot allows for a total buildable square footage of 18,000 square feet (13,700 square feet of available air rights). The offering consists of two buildings. The larger structure is 3,400 square feet with 140 feet of retail frontage along 49th Avenue. This building is on the corner of 49th Avenue and 21st Street. The second building is 900 square feet (built 60 x 15). This is also a single-story retail building that is currently occupied by a deli paying $5,000 per month ($60,000 per year). There is no lease in place, and this space can also be delivered vacant.
This is an opportunity to acquire a value-add retail property with incredible frontage next to the subway and the Long Island Railroad. The site is prime for retail redevelopment into either single or multi-tenant retail.
The offering is directly across the street from Starbuck’s, and it is surrounded by thousands of new construction multi-family units that have been constructed since 2009 as part of the over 30,000 new apartments that have been built in Long Island City. The city recently passed the Future (OneLIC Plan), a major rezoning that aims to deliver another 15,000 new homes to LIC.