Shanti Tower 37-34 29th St Immeuble residentiel 24 lots 9 923 005 € (413 459 €/Lot) Long Island City, NY 11101

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.