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CLIENT ACCESS
NEW YORK, NY – March 8, 2016 – Ariel Property Advisors has announced the $3,875,000 sale of a three story, 7,950 square foot commercial building located at 10-09 49th Avenue in Long Island City’s Hunter’s Point neighborhood. The sales price translates to $487 per square foot.
Exclusive Agents Daniel Wechsler and Michael A. Tortorici represented the sellers, which are private investors, and Aaron Grumet of DY Realty, represented the buyer, also a private investor.
This architecturally distinct building has won several awards for its unique design, including the NY Council Society of American Registered Architects (SARA) Merit Award in 2001 and the American Institute of Architects (AIA) Brooklyn Award of Excellence in 2003. Featuring ground floor parking and office space on the two above floors, the office space is currently triple net leased to a national credit tenant.
“This sale and its elevated pricing per square foot underscores the aggressive appetite seen by investors looking to capitalize on Long Island City’s rapidly appreciating market,” said Daniel Wechsler, Vice President at Ariel Property Advisors.
10-09 49th Avenue is steps away from the Vernon / Jackson Avenue 7 train, which is one stop away from Grand Central Station in Manhattan. Also in Long Island City, Ariel Property Advisors is marketing two separate properties which are located at 35-02 Northern Boulevard and 45-34 Pearson Street - both offering prime attributes for future development.
Long Island City has continued to have a reputation as one of the fastest growing neighborhoods, not just in Queens, but in New York City. Featuring multiple commuting options, an evolving artistic culture and close proximity to Manhattan, Long Island City offers a more affordable option for commercial and multifamily real estate opportunities.
More information is available from the exclusive agents at 212-544-9500: Daniel Wechsler, ext. 44, dwechsler@arielpa.com and Michael A. Tortorici, ext. 13, mtortorici@arielpa.com.
Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area, while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry.
For press inquiries, please contact our Public Relations Department at 212.544.9500 ext. 19 or via mploc@arielpa.com
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein.
