Cushman & Wakefield is pleased to announce that it has been retained on an exclusive basis to arrange for the sale of a fully renovated, office building comprised of approximately 16,900 square feet in Rego Park, NY. The entire building is occupied by GSA / Social Security Administration on a new 10 year lease, with the annual rent increasing from $510,758 (years 1-5) to $593,604 (years 6-10). The property has recently undergone a $2 million renovation whereas the occupant is liable for $1.5 million of the cost, of which $962,000 currently remains and is paid in monthly installments over 5 years at 7% interest (compounded annually). The property is ideally located, on the south side of Austin Street between 63rd Drive & 63rd Avenue, in a highly dense residential neighborhood and within a short walk to Queens Boulevard and Rego Center. It also enjoys proximity to numerous bus lines, the M & R subway station (25 minutes to Midtown Manhattan), Long Island Expressway, Grand Central Parkway, and Woodhaven Boulevard. This property poses an ideal investment or 1031 exchange opportunity. Inspection of the building must be made by appointment only. Please contact one of our exclusive agents below for additional information.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
