21-01 51st Ave
Long Island City, NY 11101
The Cardinal Building · Industrial Property For Sale

Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis to arrange the sale of a leasehold interest in 21-01
51st Avenue (the “Property”), a 100% leased, stabilized commercial asset on a long-term ground lease in the heart of Long
Island City, Queens. The Property totals 62,650 square feet across three floors and generates approximately $1.5 million
in NOI, offering investors immediate, stable cash flow from established commercial tenants including Ann Sacks Tile and
Stone (luxury tile showroom), STV-NAIK Engineering (infrastructure engineering firm), and Skanska USA Civil Northeast
(global construction group). The building has undergone over $12 million in capital improvements, encompassing tenant
improvements, new HVAC, elevator modernization with roof-level access, façade and lobby renovations, and full electrical
upgrades. The Property further features two loading docks, a fenced private outdoor space at the first floor, and tenant
signage rights offering prominent visibility from the I-495 corridor. The Property includes a rooftop billboard sign; however,
income from the sign is paid directly to the ground lessor and does not flow through to the leaseholder.
With approximately 91 years remaining (through December 31, 2117), the ground lease features 2% annual compounding
rent escalations through Year 24 before transitioning to fair market value resets in years 25 (2043), 50 (2068), and 75
(2093). The ground lessor is responsible for a portion of real estate taxes, with the contribution adjusting annually based
on a defined income-based formula¹. With a 2.34-year weighted average lease term remaining, a new owner is well
positioned to capture potential mark-to-market upside upon lease rollover in one of Queens’ most dynamic commercial
submarkets. The Property further benefits from a 15-year ICAP tax abatement through 2038, generating meaningful
real estate tax savings, and a Qualified Opportunity Zone designation offering eligible investors significant federal tax
incentives on capital gains. 21-01 51st Avenue represents a rare opportunity to acquire a stabilized, income-producing
leasehold interest with a long-term ground lease, near-term value-add potential, and compelling tax advantages in one
of New York City’s most active outer borough commercial markets