THE OFFERING

Marcus & Millichap is pleased to offer the following opportunity

located in the booming Astoria neighborhood. 11-07 Welling

Court is located on Welling Court between Vernon Boulevard

and 30th Ave, and contains a gross square footage of 19,475. The

building is built feet on a lot (Block: 00507 Lot: 0019). The

property is zoned R6A .

THE OPPORTUNITY

Rare Opportunity. This property represents a rare opportunity

to acquire a Class A, new construction 7-story elevator building

in the Welling Court Mural Project area of Astoria. This 28-unit

property allows an investor to gain an alert and immediate

footprint in a rapidly gentrifying neighborhood of Astoria. As

published in Curbed NY, Graffiti House offers the most luxurious

accommodations found on the East River waterfront.

Luxury Amenities. The buildings biggest amenity is its

landscaped roof deck with lounges and an outdoor kitchen,

however its most unique feature is its art program. Graffiti

House takes its name from its location within the boundaries of

Ad Hoc’s Welling Court Mural Project—explained as the New

York City equivalent of Miami’s Wynwood Walls. The same

artists showcase their murals through the glass-backed elevator

which serves as a 9-story art installation as well as in the

building’s parking garage, lobby and hallways.

Welling Court Mural Project. The Welling Court Mural Project

began after members of the Welling Court community met at

Ad Hoc Art’s Bushwick gallery, and invited Ad Hoc Art to come

up with a vision to beautify their neighborhood. Thus, having the

community support and a timely visit by Poland’s wall-crushing

M-City, the first mural was painted in the freezing temperatures

of December 2009.

| $18,000,000

O F F E R I N G M E M O R A N D U M

Ad Hoc used the rest of the winter to plan the launch of the first

multi-block mural project that occurred in May 2010 comprising

over 40 murals. Continually melding a spectacular crew of

legendary artists together with a diverse mix of fresh talent, the

Project now hosts over 140 murals by artists from around the

corner and around the world, providing new arrays of visual

experiences that change how people experience and interact with

their environment.

High End Finishes. Graffiti House apartments feature kitchens

outfitted with Calacatta Caesarstone countertops and

backsplashes, apartment-sized Bertazzoni cooktops and

microwaves/convection ovens, Summit washer/dryer and

dishwasher, recessed under-cabinet lighting and bathrooms

equipped with radiant heat flooring, floating Duravit toilets and

glass enclosed showers.

The Future of Astoria. Astoria Is seeing one of the largest

development renaissances in Queens outside of Long Island City.

The entire waterfront is mimicking what happened in the last 10

years to Williamsburg and can be closely compared to the

Brooklyn submarket because of its already established restaurants,

night life and culture scene. Within this location you are a 2-

minute walk from Astoria Ferry and just East of Durst’s 2.4 million

sf Hallets Point development.

421a Tax Exemption. The building is currently benefiting from a

25-year tax exemption which expires in 2041. The initial rents are

approved by the Tax Incentive Programs (TIP).

MARKET SUMMARY

LISTING METRICS

28TOTAL UNITS

$924PRICE /SF

5.0CAP RATE

19,475TOTAL SQUARE FEET

18.2GRM

$8,543PROJECTED TAXES

P R O P E R T Y D E S C R I P T I O N | P R O P E R T Y P H O T O S

G r a f f i t i H o u s e

P ROP ERTY D ESCRIPTION

CITY: Queensi

STATE: NYi

BLOCK & LOT: 00507 / 0019i

LOT DIMENSIONS: 57 ft x 108 ft

LOT SF: 5,835

BUILDING DIMENSIONS: 43ft x 39 ft

BUILDING SF: 19,475i

ZONING: R6A

MAX FAR: 0.00

AVAILABLE AIR RIGHTS: 0i

LANDMARK DISTRICT: None

HISTORIC DISTRICT: None

ANNUAL TAX BILL: $8,543

TAX CLASS: 2

G r a f f i t i H o u s e

P R O P E R T Y D E S C R I P T I O N | P R O P E R T Y P H O T O S

G r a f f i t i H o u s e

P R O P E R T Y D E S C R I P T I O N | P R O P E R T Y P H O T O S

G r a f f i t i H o u s e

B O R O U G H

Queens is a significant part of a much larger population

system; the New York City metropolitan area is the largest in

the United States, with more than 19 million inhabitants in

three states.

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square

footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and

do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018

Marcus & Millichap

C O N F I D E N T I A L

N YC F e r r y

M A R K E T O V E R V I E W

B O R O U G H

The borough we know today as Queens was in 1683 named

after Catherine of Braganza, then the Queen of England.

Queens is home to over 2.3 million residents who are part of

a much larger population system.

The New York City metropolitan area is the largest in the

United States, with more than 19 million inhabitants in three

states.

New York City consists of five boroughs with about 8.5 million

people. Queens, if it was it’s own city, would be the 4th most

populous city in the country, and is notably the most ethnically

diverse urban area in the world.

E C O N O M Y

New York City has the largest economy in the nation, housing

more Fortune 500 companies than any other city. Retail sales

in Queens County outperformed the U.S. average over the

past four years and will increase as a rate on par with the

nation during 2011.

Queens makes a major contribution to the New York City

economy, as it is home to more than 60,000 businesses

operating in many industries. Once a haven for manufacturers,

the local economy is now more service oriented. The trade,

transportation and utilities sector is the largest employment

segment in Queens, due in part to retail trade and the

extensive transportation infrastructure. Queens’ network of

roads and easy access to East River bridges make the borough

a key player in Manhattan’s large logistics industry.

The LaGuardia and JFK airports are also important economic

drivers, contributing billions to the local economy each year.

Additionally, given the borough’s proximity to Manhattan,

Queens’ leisure and hospitality businesses are a major

component of the local economy, as well as a vital source of

sales tax revenue.

D E M O G R A P H I C S

The population of Queens, currently at 2.3 million individuals,

is forecast to increase 0.6 percent annually through 2016, or by

nearly 71,000 new residents. This is slightly less than the

projected national growth rate of 0.9 percent per year. The

median household income in the borough stands at $60,422

annually, slightly above the national median of $58,516 per

year. The number of households earning $100,000 or more will

rise almost 3 percent by 2016, driving an uptick in the

borough’s median household income. Greater educational

attainment will also help push up wages; today, 30 percent of

adults age 25 or over have attained a bachelor’s degree, a

slightly higher figure than the U.S. rate.

Although housing prices in Queens are more affordable than in

Manhattan, just 43 percent of residents own their own homes,

with the median price currently at $575,000. The median age of

residents in Queens is 39.1 years old, above the national

median of 37.7 years old. The local population is aging, with

the largest population increases expected among those ages

65 and older as the baby boom generation enters the cohort.

The 25-to 44-year-old segment accounts for 29 percent of

Queens’ population, a significantly larger share than the U.S.

average of 27 percent.

Q U EEN S

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to

square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example

purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate

Investment Services, Inc. © 2018 Marcus & Millichap

C O N F I D E N T I A L

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