17924 Union Tpke Local commercial 1 574 m² 100 % Loué À vendre Fresh Meadows, NY 11366 8 156 035 € (5 182,46 €/m²)

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 and fully occupied retail asset located in the Fresh Meadows neighborhood of Queens, NY.
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Brand New Construction with Expansion Potential
• Delivered in 2024 with modern steel-frame construction designed to support vertical expansion of up to two additional stories.
• Fully leased, including fully built-out, leasable cellar space with private elevator access.
• Zero deferred maintenance, all core building systems are new, including roof, structure, parking lot, and mechanicals.
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Creditworthy Tenant Roster and Cash Flow
• Fully occupied with four long-term service-based tenants: Otoro Sushi, GEM Wheelchair, Club Pilates, and YE Trainings.
• Each lease includes scheduled rent escalations and personal guarantees, reducing rollover risk.
• All tenants are under net leases with various reimbursement structures for property taxes and common area maintenance (CAM).
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Prime Fresh Meadows Location
• Strategically located on Union Turnpike, a major Queens commercial corridor with heavy traffic volume and retail density.
• Surrounded by major institutions such as St. John’s University, Queens Hospital Center, and residential developments.
• Includes an 11-space parking lot, a rare feature in the neighborhood retail market.
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Favorable Tax Abatement Structure
• The property is currently in the process of obtaining a 15-year ICAP 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 remains constant for the first 11 years, with a gradual phase-out from Years 12 through 15.