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Shanti Tower 37-34 29th St 24 Unit Apartment Building $12,900,000 ($537,500/Unit) Long Island City, NY 11101
Investment Highlights
- 421a tax abatement through 2027; ICIP benefits through 2036
- Optional path to condominium conversion
- Surrounded by new developments and cultural landmarks
- 25 residential units transitioning to free market status
- Located in Long Island City near major transit lines
- Excellent walkability and transit access scores
Executive Summary
Positioned in the heart of Long Island City, Queens, 37-34 29th Street presents a rare opportunity to acquire a newly constructed mixed-use building with substantial tax incentives and long-term upside. This six-story elevator property features 25 residential units—ranging from studios to two-bedrooms—and two commercial spaces, all built to modern standards. The building benefits from the 421a tax abatement through 2027 and the Industrial & Commercial Incentive Program (ICIP) through 2036, offering significant savings and enhanced investment returns.
The residential units will transition to free-market status upon expiration of the 421a program, providing flexibility for future rent growth or condominium conversion. Located in a rapidly evolving neighborhood, the property is surrounded by new developments and offers seamless access to Manhattan, Brooklyn, and other parts of Queens via the N, W, M, and R subway lines. The site’s zoning (R6A/R5B/M1-2) and buildable square footage of 22,065 SF further enhance its long-term development potential.
With a Walk Score of 96 and Transit Score of 100, residents and tenants enjoy unmatched connectivity. Nearby landmarks include Dutch Kills Playground, Queensboro Plaza, and the Tony Bennett-founded Frank Sinatra School of the Arts, adding cultural and recreational appeal. This asset is ideal for investors seeking a stabilized income stream with future upside in one of NYC’s most dynamic submarkets.
The residential units will transition to free-market status upon expiration of the 421a program, providing flexibility for future rent growth or condominium conversion. Located in a rapidly evolving neighborhood, the property is surrounded by new developments and offers seamless access to Manhattan, Brooklyn, and other parts of Queens via the N, W, M, and R subway lines. The site’s zoning (R6A/R5B/M1-2) and buildable square footage of 22,065 SF further enhance its long-term development potential.
With a Walk Score of 96 and Transit Score of 100, residents and tenants enjoy unmatched connectivity. Nearby landmarks include Dutch Kills Playground, Queensboro Plaza, and the Tony Bennett-founded Frank Sinatra School of the Arts, adding cultural and recreational appeal. This asset is ideal for investors seeking a stabilized income stream with future upside in one of NYC’s most dynamic submarkets.
Property Facts
| Price | $12,900,000 | Building Class | B |
| Price Per Unit | $537,500 | Lot Size | 0.17 AC |
| Sale Type | Investment | Building Size | 29,269 SF |
| No. Units | 24 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 6 |
| Property Subtype | Apartment | Year Built | 2009 |
| Apartment Style | Mid-Rise | Opportunity Zone |
Yes
|
| Zoning | R6A / R5B / M1-2 - R6 - C-4 Medium density residential district | ||
| Price | $12,900,000 |
| Price Per Unit | $537,500 |
| Sale Type | Investment |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.17 AC |
| Building Size | 29,269 SF |
| Average Occupancy | 100% |
| No. Stories | 6 |
| Year Built | 2009 |
| Opportunity Zone |
Yes |
| Zoning | R6A / R5B / M1-2 - R6 - C-4 Medium density residential district |
Amenities
Unit Amenities
- Air Conditioning
- Kitchen
- Wet Bar
- Wheelchair Accessible (Rooms)
Site Amenities
- On-Site Retail
- Package Service
- Elevator
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 4 | - | 524 |
| 1+1 | 10 | - | 700 |
| 2+2 | 10 | - | 850 |
1 1
Walk Score®
Walker's Paradise (97)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (81)
Property Taxes
| Parcel Numbers | Improvements Assessment | $543,701 | |
| Land Assessment | $38,861 | Total Assessment | $582,562 |
Property Taxes
Parcel Numbers
Land Assessment
$38,861
Improvements Assessment
$543,701
Total Assessment
$582,562
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Shanti Tower | 37-34 29th St
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