$12,500,000
Updated 11 years ago
Sold

41-40 Parsons Blvd

Flushing, Queens | Barclay Ave & 38th Ave

44,100 Square FeetIncome Property

$12,500,000
floors / apts6 / 49
Lot Size100'x117'
Built Size107'x75'
ZoneR7-1
Building TypeLow-Rise
Price Per SF
$283

Building Amenities

  • Voice Intercom
  • Elevator
  • Garage

Property Description for 41-40 Parsons Blvd

This corner property is a 6 story, 49 unit, elevator building. 48 units are rent stabilized. This offering provides a great opportunity to acquire a corner property with below market rents. The building consist of 30 one bedrooms, 12 two bedrooms, 6 studios, 1 non-regulated unit, laundry center and 15 indoor parking lots. There is significant upside to this property as the average rent is $1162/unit, where the current average rent in the area is approximately $1802/unit. The indoor parking lots are also under valued in the area. The location of the property is only a few minutes to Flushing, Main Street, a transportation hub, where you can find the 7 line, LIRR and several major bus lines. It is also a central business district as well as an attraction for shopping, dining and entertainment. Flushing is one of the largest and fastest growing ethnic Chinese enclaves outside of Asia, as well as within New York City itself. The gross annual income is $724,197. The total operating expense is $329,270. Great opportunity for 1031 Exchange or investment.

Listing History for 41-40 Parsons Blvd

Now
02/09/2015
Sold and Closed by Tarlien Lin
Douglas Elliman
2015

Building Details for 41-40 Parsons Blvd

OwnershipIncome Property
Building TypeLow-Rise
Service LevelVoice Intercom
AgePost-War
AccessElevator
Year Built1954
Floors/Apts6/49
Learn More About the Building

Transit and Citi Bike

Subway

Flushing-Main St
0.45 miles

Railroad

Murray HillLong Island Rail Road
0.43 miles

Contact Agent

Contact Agent

Tarlien Lin
Douglas Elliman

Flushing | Queens

Quick Profile

Known for its ethnic diversity that includes a large Asian population, Flushing Queens has much to offer. For starters, it’s a foodies paradise. It has several world-class sporting venues, fantastic tourist attractions and of course shopping. For some folks, the nabe is off the beaten path, which makes it a great place to explore, eat and wander.

Flushing is one of the biggest neighborhoods in Queens. It includes the pocket neighborhoods of East Flushing, Downtown Flushing, Auburndale, Waldheim, and Broadway-Flushing. Its boundaries are Whitestone Expressway and Flushing Creek to the west, Utopia Parkway to the east, 25th and Bayside Avenues to the north, Golden Street, and Horace Harding Expressway to the south.   

The earliest inhabitants of Flushing were the Matinecock Indians. In 1628 the Dutch settled on the banks of Flushing Creek and called their new home Vlissingen. When the British took over in 1645, the neighborhood name became anglicized and it was referred to as Flushing.

The mid-1600s was a notable point in Flushing’s history. Local Dutch Governor Peter Stuyvesant jailed or banished anyone practicing Quakerism and other religions within the municipality.

Flushing residents joined together and fought the rule imposed by the Dutch. In 1657, the group drafted the Flushing Remonstrance, which petitioned Governor Stuyvesant to allow the freedom to practice religion. The original authors of the petition were jailed but eventually, the small population of Flushing settlers were given an exemption and could practice Quakerism. Scholars say it was the birthplace of freedom of religion and paved the way for the U.S. Constitution’s provision on freedom of religion in the U.S. Bill of Rights.

The World’s Fair is Flushing's biggest claim to fame. In 1939, the World’s Fair opened at Flushing-Meadows Park in Queens. 63 nations took part in the event that included scientific, cultural, and industrial exhibits. The second World's Fair took place in 1964. Both World Fairs played significant role in the development of Flushing Meadows-Corona Park

Main Street is one of many business districts within Flushing. The 7 train gives direct access to the area which has a high concentration of Asian-owned restaurants and businesses. Downtown Flushing is another commercial area with malls and mom-and-pop stores scattered throughout.

Flushing is more urban than suburban compared to other areas of Queens. The housing stock consists of a mixture of one and two-family homes, mid-rise apartment buildings, and high-density apartment buildings. The pocket neighborhoods of Auburndale, Waldheim, and Broadway-Flushing have a little more of a suburban feel with single-family homes and notable architecture. Broadway-Flushing has its own historic district that includes classic Revival styles from the Eclectic Period, Tudors, Colonials, and other styles.

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.
OLR ID: 54504TH