DAVIS PEARSON STREET...

P R E S E N T E D B YJonathan EshaghianLicensed Real Estate SalespersonBrooklyn OfficeTel: (718) 475-4379Fax: (718) [email protected]: NY 10401213681

Jakub H. NowakLicensed Associate Real Estate BrokerBrooklyn OfficeTel: (718) 475-4353Fax: (718) [email protected]: NY 10301211147

DAVIS PEARSON STREET ASSEMBLAGELong Island City• Queens, NY 11101

N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E

Confidentiality and DisclaimerThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended tobe reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any otherperson or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared toprovide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interestin the subject property. The information contained herein is not a substitute for a thorough due diligence investigation.Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to theincome or expenses for the subject property, the future projected financial performance of the property, the size andsquare footage of the property and improvements, the presence or absence of contaminating substances, PCB's orasbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, orthe financial condition or business prospects of any tenant, or any tenant's plans or intentions to continue itsoccupancy of the subject property. The information contained in this Marketing Brochure has been obtained fromsources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of theinformation contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters andmakes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided.All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichapis a service mark of Marcus & Millichap Real Estate Investment Services, Inc. Â© 2017 Marcus & Millichap. All rightsreserved.

Non-Endorsement NoticeMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified inthis marketing package. The presence of any corporation's logo or name is not intended to indicate or imply affiliationwith, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or anyagent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providingtenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

45-17 DAVIS STREET 45-24 PEARSON STREETLong Island City, NY Long Island City, NYACT ID Y0341003 ACT ID Y0341044

2

PROPERTY OVERVIEW

DAVIS PEARSON STREET ASSEMBLAGE

PROPERTY OVERVIEW

Nowak & Partners of Marcus & Millichap has been retained on an exclusive basis to arrange the sale of the Davis-Pearson Street Assemblage, a combination of three conjoining tax lots in the Long Island City section of Queens, NY. TheAddresses are 45-17 Davis Street (Block: 85 Lot: 13) and 45-24 Pearson Street (Block: 85 Lots: 52, 16). The tax lotscombine for a total of 11,900 square feet of land area and are zoned M1-5/R7-3/LIC. The as-of-right FAR of 5.0 allows for59,500 of buildable square feet of residential or commercial use.

The assemblage is located just off of Court Square, and is in the center of rapid development driven by rising rents andproperty values. The lots are a short walk to the "7, G, M, and E" subway lines, which allows easy access into Manhattan,Brooklyn and throughout Queens. The subject property offers investors and developers the unique opportunity topurchase a sizable development site in the heart of the rapidly growing Long Island City market and to capitalize on thearea's staggering growth in both rents and property values. Residential rents in the area are reaching $55 per square footin new construction buildings and condo sales have risen above $1200 per square foot.

PROPERTY OVERVIEW

3

• Zoned M1-5/R7-3/LIC (FAR 5.0)• Total Lot Size of 11,900 Square Feet• 59,500 Total Buildable Square Feet• Rapidly Growing Long Island City Market• Half a Block From “7” and “G” Subway Station at Court Square

& Three Blocks From “E” and “M” Subway Station at Court Square- 23rd Street

• Walking Distance From Hunters Point Avenue LIRR Station

FINANCIAL ANALYSIS


4

Financial Overview

Pricing MetricsOFFERING PRICE $18,950,000Number of Lots 3Total Lot Size 11,900 Buildable SF As of Right 59,500 Price/BSF As of Right $318.49Zoning M1-5/R7-3/LICFAR 5

Property OverviewProperty Addresses 45-17 Davis Street

45-24 Pearson StreetCity & Zip Queens, NY 11101Block / Lot 00085-0013,0016,0052Lot Dimensions 75 Ft x 100 Ft

17 Ft x 100 Ft27 Ft x 100 Ft

ZONING DATA TABLE


5

ZONING DATA TABLE


6

NEW DEVELOPMENTS IN THE AREA


7

NEW DEVELOPMENTS IN THE AREA


8

Map Legend

(1) 22-22 Jackson Avenue(2) 5Pointz Development(3) 1 Court Square - Citigroup Building(4) 43-25 Hunter Street(5) Watermark LIC(6) Jackson Square(7) 22-43 Jackson Avenue(8) 22-12 Jackson Avenue

REGIONAL MAP


9

LOCAL MAP


10

AERIAL PHOTO


11

TAX MAP


12

ZONING MAP


13

vNEIGHBORHOOD REPORT

Long Island City

NEIGHBORHOOD REPORT

OverviewLong Island City dates back to the early1600s when the Dutch awarded a 160acre land grant helping to establish acommunal growing settlement known asJarck’s Farm. The area’s rich soilsupported the settlement’s strong farmingtradition and the community’s steadygrowth helped to establish the area wenow know as Long Island City.

The Dutch settlers residing withinthe farming community coexistedpeacefully with the local Native Americansuntil William Hallett, an Englishmen,acquired the original plot plus another2,200 acres which he purchased from alocal chief in 1664. From this time until thepost-Civil War era, what was consideredLong Island City experienced the fullrepercussions that stemmed from beinginvolved in both the American Revolutionand the Union’s involvement in theCivil War.

In 1870, a sizeable merger betweenAstoria and the hamlets of Ravenswood,Hunters Point, Blissville, Sunnyside,Dutch Kills, Steinway, Bowery Bay, andMiddleton occurred, fully establishingLong Island City. After the merger, the city

LONG ISLAND CITY

managed to stay separate and fullyindependent from New York City fornearly 30 years, but succumbed topressure in 1898 to become part ofGreater New York City.

Long Island City, and the greaterQueens area, was further connectedwith Manhattan through the 1930s asGreater New York City built a number ofsubway tunnels, the Queens-MidtownTunnel, and the Queensboro Bridge.These connections allowed for animproved flow of commerce betweenthe two boroughs, thus increasing thenumber of industrial entities andfactories in Long Island City.

Unfortunately, factories andindustry abandoned Long Island Cityand other portions of Queens by thelate 1970s, but revitalization anddevelopment projects carried out by thelocal government provided economicaid to the area. Since 2001, many partsof Long Island City have been rezonedfrom industrial to residential neigh-borhoods, and have been drawing alarge influx of residents.

NEIGHBORHOOD REPORT

Zoning Designation

LONG ISLAND CITY

NEIGHBORHOOD REPORT

Demographics Total Population: ………..………..………..………..…..68,117Male Population: ………..………..………..………..…...49.5%Female Population: ………..………..………..………….50.5%

Total Households: ………..………..………..…………. 29,566Persons per Household: ………..………..………..………2.28Average Household Income: ………..………..………$70,646Average Rent: ………..………..………..……………….$3,045

Occupational EmploymentWhite Collar: ………..………..………..…………………31,986Blue Collar: ………..………..………..…………………..19,296

LONG ISLAND CITY

NEIGHBORHOOD REPORT

Household Income and Average in L.I.C.Numbers are from 2015

Median Under 25…............. $50,995

Median Income 25-44…...... $58,243

Median Income 45-64…...... $45,396

Median Income Over 65….. $30,275

LONG ISLAND CITY

NEIGHBORHOOD REPORTMuseums

Sculpture CenterAn immersive experience that surrounds the viewer with innovative developments in contemporary sculpture. This museum was founded in 1928, a time in Long Island City’s modern development stages, which lends itself to the nature of the museum and the art that it portrays. In 2014 it unveiled its latest expansion and renovation adding 2,000 square feet and expanding its outdoor exhibitions. Considered one of the five boroughs best museums, this relatively inexpensive experience is open Thursday through Monday.

MoMA PS1This world famous art museum is one of the largest institutions of its kind in the United States and boasts some of the more famous modern art exhibits and pieces amongst the art community. Located in the PS1 building, this museum has since recently opened its affiliation with the Museum of Modern Art based in Manhattan, but holds its own programs and portrays its own exhibits and installations. The museum is open Thursday through Monday and admission is relatively inexpensive.

LONG ISLAND CITY

Museum of the Moving ImageAs the name suggests, this museum looks to highlight and expand on the public’s understanding of the film, television, and digital film as an artistic medium. The exhibits expand past film and television and also holds one of the world’s largest video games and gaming hardware collection. Completed in January of 2011, the museum added a $67 million expansion to aid in accommodating growing interests and crowds.

NEIGHBORHOOD REPORTAttractions

Queensbridge ParkThe park is aptly named for its proximity to the Queensboro Bridge. Offering a spectacular view of the bridge and midtown Manhattan, the park also offers a number of various recreational facilities, including: baseball fields, a soccer-football combination field, basketball and volleyball courts, a large playground, numerous picnic and sitting areas, and walking trails.

Gantry Plaza State ParkLocated on the waterfront of the East River and providing exceptional views of the Manhattan skyline. Currently, the state park sits on just 10 acres of land, but will eventually include 40 acres and cover 1 mile of waterfront views upon the parks completion.

LONG ISLAND CITY

John F. Murray Playground and Dog RunJohn Murray, a lifetime Queens resident anddevoted recreation supervisor, has a number ofparks throughout New York City dedicated in hisname. This smaller park located in the heart ofLong Island City offers handball courts and aplayground. This is also one of the few parks in theneighborhood that holds a dedicated space fordogs and is all around dog-friendly.

NEIGHBORHOOD REPORTAttractions

LONG ISLAND CITY

Dutch Kills Central LIC Market Maiella

Penthouse 808 Bierocracy LIC Bar

NEIGHBORHOOD REPORT

Retail Corridor

LONG ISLAND CITY

DIRECTORYFood + Drinks1. Subway 2. Court Square Diner 3. Dunkin Donuts4. Sweetleaf Coffee 5. Dunkin Donuts 6. Baskin Robbins 7. Dorian Café 8. Spice 9. Bella Via Bar10. Masso Restaurant

Banking1. M&T Bank2. Chase Bank3. Bank of America4. TD Bank5. Citibank6. Chase Bank

Groceries1. National Frontier Market2. Foodcellar & Co. Market 3. Key Food

Shopping + Errands1. State Farm2. Pets Island3. Allstate4. BP5. UPS Store6. The Yogaroom7. Citgo8. Pooches Sport & Spa

Attractions1. MoMA PS12. Sculpture Center3. Museum of the Moving Image

9. E ily Salon10. Verizon Wireless11. Duane Reade12. Blue Streak Wines13. Crank Cycling Studio14. Mimi & Mo15. Dog Island City16. Stanley Supply

11. Breadbox12. Riverview 13. Cranberry14. Palace Chicken15. Tost Cafe16. Petey’s17. Checkers18. Subway19. Dunkin Donuts20. Plaza Express

NEIGHBORHOOD REPORT

Existing Projects: Office, Commercial, Creative43-30 24th StreetManhattan carries the reputation of holding the tallest towers of the five boroughs, but areas suchas Long Island City are beginning to put the pieces in place that would challenge the Manhattanskyline. Goldstein, Hill and West Architects just applied for the permits to build a 66-story, 700 foottall tower in the Court Square and Queensboro Plaza area of Long Island City. The building wouldaccommodate an entire block at 43-30 24th St and would complement the CitiBank tower at 1Court Square.

The finished development project would include 17,400 square feet in retail space at the groundfloor and climb another 838,000 square feet in residential space. There are a number of ideas forpossible retail stores and other amenities on the ground floor that would help to accommodate the921 units and other customers. The lot is zoned R10 which encourages these types of projects:tower-in-the-park residential spaces that are becoming increasingly popular amongst cityresidents.

City View TowerThe Court Square area of Queens is looking to enjoy another tower to accompany the CitiBankbuilding and the planned residential tower at 43-30 24th Street. Goldstein, Hill and West Architectsplan to put up another one of their buildings at 23-15 44th Drive with this 79-story, 984 foot tallsupertall and add to Long Island City’s developing skyline. Compared to the other tower they havein the works, this will have less residential space and more office and retail space. They plan oncommitting nearly 760,000 square feet to residential space meaning 774 apartments, and almost20,000 to retail space. This poses a unique situation for Queens and Long Island City because theheight of the building calls for approval from the Federal Aviation Administration and the Councilon Tall Buildings and Urban Habitat.

LONG ISLAND CITY

NEIGHBORHOOD REPORT

Existing Projects: Office, Commercial, CreativeThe HaydenRockrose development is looking to put up a 50 story mixed-use tower that will join theCitiBank tower and a number of other current tower developments. The Hayden as it will becalled is a 509 foot tall residential and retail space that offers a unique set of amenities andbenefits. The residential spaces will be offered on what is known as an 80/20 reduced rentrate project, so 20 percent of the building’s apartment spaces will be offered at below-market rates to tenants who earn no more than 60 percent of the area’s median income.Not only will this become the largest 80/20 project outside of Manhattan, but it will also offerluxurious amenities such as recreational courts, a yoga room, a Zen garden, a rooftopsolarium, and a library.

One and Three Gotham CenterTishman Speyer is looking to complete their Gotham office complex by putting up the 1.1million square foot One and Three Gotham Center on Jackson Avenue near Court Square.Two Gotham Center was completed in 2011 with 700,000 square feet and will lie directlynorth of the new complex. As planned, the office complex will be mixed-use as the twotowers will be used primarily for office space while the lower levels used for retail andrestaurants, altogether holding 400,000 more square footage than Gotham Two. Each ofthe two towers will stand 27 stories, or 396 feet tall. After the complex’s completion it will beone of the largest office buildings not only in Long Island City, but Queens as well.

LONG ISLAND CITY

NEIGHBORHOOD REPORT

Existing Projects: Office, Commercial, CreativeHunters Point LibraryHunters Point has become its own community within a community as the numberof affordable apartment complexes continues to grow along Gantry Plaza StatePark and the East River. City planners, in an attempt to complement the growingcommunity, decided to add Long Island City’s fourth library along the East riverWaterfront.

The modern design extends from the interior to the exterior as the designerswanted its appearance to draw attention and accent the apartment buildings inthe surrounding area. Upon its completion in 2017, it will boast an impressive21,500 square feet and is designed to dynamically cater to kids, teens, andadults.

LONG ISLAND CITY

PMG to Build at Queens Park Plaza Property Markets Group is looking to complete a 1 million plus square foot, primarily residential tower by late 2019. This massive building will hold over 800 apartment units with some square footage being dedicated to commercial and retail space on the lower levels. PMG has a number of other sites in Manhattan, but Queens Plaza Park will only be the development company’s second site in Queens as another of their buildings is to be completed nearby later this year. Upon completion, this building is expected to be one of Long Island City’s tallest towers and looks to incorporate the city’s historic clock tower into its base.

NEIGHBORHOOD REPORT

ApartmentsTF Cornerstone at 4610 Center BoulevardThis building marks the last of five apartment buildings that TF Cornerstone, a NYC based development company, has built along Long Island City’s East River waterfront. Beautifully located at Gantry Plaza State Park, 4610 is a 26 story tower that holds 584 apartment units. They range from studios starting at $2,160, one-bedrooms at $2,800, two-bedrooms at $3,890, and lastly three-bedrooms at $5,330 per month. TF Cornerstone is known for their luxurious apartment developments and this building does not fall short of that mark as it includes a club room, private gardens, landscaped terrace, 24-hour concierge service, and a fitness center. Nestled behind the old Pepsi-Cola sign, 4610 offers tenants a taste of historic Long Island City while also allowing them to experience the modern direction in which the city is heading.

LONG ISLAND CITY

Rockrose at 4705 Center BoulevardGantry Plaza State Park has recently become a hub for luxurious apartments and Rockrose Development has placed another stunning option at 4705 Center Boulevard. Designed specifically to highlight modern living in the big city, the glass tower offers top-tier amenities in a prime area along the East River. The spaces offered are not just catering to the young-professional looking to live outside of Manhattan, but families are more than welcome with a number of larger spaces available and allowing for pets. With a garage, on-site grocery and pharmacy, full fitness center, a number of lounges, a massage room, a roof deck, and a year-round pool, this building provides everything you would need in this bustling part of Long Island City.

NEIGHBORHOOD REPORT

Apartments2222 Jackson AvenueConsidered more of an art installation than an apartment building, the unique and stunning design of this building looks to perfectly complement functionality with style. What this building lacks in size it makes up for in the design, which fully extends from interior to exterior.

The units range from studios all the way up to three-bedroom apartments, all with penthouse options as well. The building prides itself on its amenities, styling, and location as it holds close proximity to the MoMA PS1 and other artistic installations in the Hunters Point neighborhood of Long Island City. Amenities include full fitness center, a year-round indoor pool, a mezzanine lounge with TVs and a ping pong table, a landscaped terrace, and the rooftop viewing platform.

LONG ISLAND CITY

The QLIC at 4142 24th StreetThe amenities offered at this apartment complex are second to none in Long Island City as it combines modern living in the city with all the services one would need without leaving their building. They offer studio apartments up through three-bedroom with varying options for bathrooms, balconies, and penthouse availability, but what truly sets them apart are the amenities that come with leasing. First and foremost, it is in close proximity to transit and minutes away from Manhattan; when you return from the city after a long day at work, there is 24-hour concierge service, a library with lounge to sit and relax, complimentary package acceptance, a dog grooming station, and valet dry cleaning services. So almost all of those errands you would have to run are provided right in the very comfort of your own building. When you desire some outdoor activity, they offer plenty of outdoor seating on the landscaped courtyard and terrace on the 21st floor, a rooftop pool, outdoor theater with grilling area on the 10th

floor, and a full fitness center with a movement studio and the latest equipment.

NEIGHBORHOOD REPORT

Hotels

Home2 Suites by HiltonThis luxurious aparthotel is situated in the Dutch Kills area of Long Island City and conveniently located to a number of local attractions and restaurants, plus a short walk to the Queensboro Plaza subway station offering a direct line to Manhattan. The suites offered are studios and one-bedroom units and all feature kitchenettes, living rooms, and free Wi-Fi. Continental breakfast is offered every morning, a 24-hour convenience market, fitness room, and a business center.

LONG ISLAND CITY

The Boro HotelKnown for its hip, chic, and minimalist styling, this hotel offers customers with luxurious short living arrangements at a reduced price compared to other big name hotel chains. A cheaper room does not mean cheap amenities however as this hotel features free Wi-Fi, a modern café, a rooftop bar with a panoramic view of the city, and a business center. Good news for animal lovers as well because pets are welcome and stay for free. Going along with the modern artistic design, this hotel is located close to a number of art museums and local art spots.

Paper Factory HotelA modern hipster’s dream, this converted paper factory provides guests with chic living options in each of its 122 individually decorated rooms. The hotel is classified as a 4-star hotel with a restaurant, 24-hour fitness center, coffee shop, game room, a business center, and of course free Wi-Fi. The rooms are fairly priced considering the detail because each room is designed and decorated uniquely and each holds different art pieces. There are many different room types, and the suites offer different amenities such as a kitchenette and varying meal plans.

NEIGHBORHOOD REPORT

Transportation:Subway Stations:• Vernon Blvd – Jackson Ave - 7• Hunters Point Ave - 7, LIRR• Court Square - 7, G• Queensboro Plaza - N, W, 7• 21 St – Van Alst Station - G• 21 St – Queensbridge / 41 Ave - F• Court Square – 23 St Station - E, M• Queens Plaza - E, M, R• 39 Ave - N, W • 36 Ave - N, W• Broadway - N, W• 36 St - M, R• Steinway St - M, R• 46 St - M, R

East River Ferry:The East River Ferry, operated by NY Waterway, only has one port of service in Long Island City at the East River Wharf. It offers a direct line to Midtown Manhattan and connecting lines to Brooklyn and Staten Island.

Long Island Railroad (LIRR):The Long Island Railroad has stops at the Long Island City and the Hunterspoint Avenue stations and provides service farther into Long Island. Considered one of the busiest commuter systems in the nation, the railroad operates 24 hours a day, 7 days a week. The MTA in New York City has also undertaken the East Side Access project that would extend the tracks from Queens to Grand Central Terminal on 42nd Street. This project would begin scheduled service in December of 2022.

LONG ISLAND CITY

www.MarcusMillichap.com

Jonathan EshaghianLicensed Real Estate SalespersonBrooklyn OfficeTel: (718) 475-4379Fax: (718) [email protected]: NY 10401213681

Jakub H. NowakLicensed Associate Real Estate BrokerBrooklyn OfficeTel: (718) 475-4353Fax: (718) [email protected]: NY 10301211147

P R E S E N T E D B Y

30

DAVIS PEARSON STREET...

Documents

Transcript of DAVIS PEARSON STREET...