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CLIENT ACCESS
NEW YORK, NY – June 16, 2015 – Ariel Property Advisors has announced it has been retained on an exclusive basis to sell a three story, 7,950 square-foot commercial building at 10-09 49th Avenue in the Hunter’s Point neighborhood of Long Island City (LIC). The asking price is $4.4 million.
Exclusive Agents Daniel Wechsler, Michael A. Tortorici, Victor Sozio and Shimon Shkury are bringing the property to the market, representing the owner, a private investor.
“10-09 49th Avenue is a great opportunity for owner/users or for investors looking to unlock tremendous value by repositioning the ground floor parking into retail use,” said Daniel Wechsler, Vice President at Ariel Property Advisors. “With the property strategically located just off the northeast corner of Vernon Boulevard, buyers can quickly capitalize on surging demand for quality retail in the area.
Scarano Architect, the architect responsible for this property, was awarded 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 for the design of 10-49 49th Avenue.
The building, which has office space on the property’s second and third floors and a ground level parking lot, is currently triple net leased to a single tenant. The lease is set to expire in January 2016, which paves the way for alternate uses or repositioning. A short walk from the Jackson Avenue 7 train, buyers can enjoy easy access to Grand Central Station, the outer boroughs and Westchester County.
Over the last several years Long Island City has established itself as one of the fastest maturing neighborhoods in all of New York City. Equipped with top-notch transportation options, commercial and residential expansion and a deep rooted art scene, Long Island City has been the focus of attention for developers looking to gain a foothold in a quickly appreciating area.
More information is available from the exclusive agents at 212-544-9500: Daniel Wechsler, ext. 44, dwechsler@arielpa.com; Michael A. Tortorici, ext. 13, mtortorici@arielpa.com; Victor Sozio, ext. 12, vsozio@arielpa.com; and Shimon Shkury, ext. 11, sshkury@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.
