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23-20 Jackson Ave, Long Island City, NY – Image Credit JLL
23-20 Jackson Avenue is a premier 100% occupied mixed-use / commercial property in the heart of Long Island City. The Property is on the highly trafficked corner of Jackson Avenue and Pearson Street and is comprised of approximately 75,405 of GSF.
The newly constructed building features 72 units, spanning floors 4 through 9, leased by the successful hospitality company Sonder by Marriott Bonvoy. In addition, the property includes 2 floors of headquarter office space, leased to the real estate technology and brokerage platform Compass.
Other occupied space includes Sir Jules, a cocktail bar and restaurant group who leased 5,400 SF of the cellar and 5,000 SF of rooftop space. In total, the property has 6 tenants and is 100% leased. All retail spaces benefit from the highly visible corner of Jackson Avenue and Pearson Street, which is directly across from the Court Square E, G, M, & 7 subway station. The rooftop bar has a separate entrance and is the first of its kind in Long Island City, with sweeping views of the Manhattan skyline. The property generates over $5,500,000 gross revenue annually.
23-20 Jackson Avenue is situated in the heart of Long Island City, New York City’s most rapidly growing submarket which has continued to undergo a complete transformation from industrial hub to business and retail oriented hot spot just across the East River. Close proximity to four subway lines, specifically the Court Square E, G, M, & 7 across the street, offer seamless access to Midtown and Hudson Yards in less than 10 minutes. Additional transportation includes a ferry terminal, as well as a growing fleet of services like Citi Bike, Uber, and Lyft which further contribute to the easy access of Long Island City and other neighboring hubs.
Investment highlights
- 75,405 GSF (including in-place income generating cellar space, excludes ~8,000 SF of income generating outdoor space)
- ICAP tax savings – 25 year
- Attractive ground lease agreement
- Vibrant neighborhood
- Convenient access to mass transit
- Experienced, institutional ownership
- Quality tenant base / 100% leased
- Favorable underlying residential zoning (R7-3)
For details visit here.
