$1,550,000 $1,750,000
Updated 4 days ago
Price drop
125 Views
Long Island City, Queens | Starr Ave & Bradley Ave
3 Beds5,413 Square FeetMixed Use

$1,550,000 $1,750,000
floors / apts3 / 6
Lot Size25'x101'1"
Built Size25'x40'
ZoneM1-1
Building TypeLow-Rise
RE Taxes$12,594
Price Per SF
$286

Building Amenities

  • Voice Intercom

Property Description

Ariel Property Advisors is pleased to offer a 7-unit mixed-use property located at 32-31 Greenpoint Avenue in Long Island City. The property features 2 buildings on 1 tax lot: the front building is 3-stories and has a commercial store on the ground floor with apartments above, and the carriage house in the back is a 2-story residential property. All 6 residential units are rent-stabilized and consist of 1 two-bedroom and 6 one-bedrooms. The current average rent is $26/sqft, which provides the future owner some room for rental growth as well as the opportunity to keep vacancy low. The property’s commercial tenant has a lease that expires in 2028. In addition, the property enjoys the protected Tax Class 2A, capping future tax increases to 8% annually and/or 30% over five years. The property is nestled on the south side in between Long Island City and Sunnyside in Queens and across the river from Greenpoint and East Williamsburg in Brooklyn. On the subject property’s block is the B24 bus line traversing Greenpoint Avenue and provides easy access to the 7-subway line. In addition, the asset is just off the Brooklyn-Queens Expressway allowing for a quick drive to Manhattan, Brooklyn, the rest of Queens and Long Island. The subject property provides a new owner with a great opportunity to have a cash-flowing asset in an established neighborhood with strong rental growth in the commercial and residential portions of the property.

Listing History

Now
05/27/2022
$1,550,000 [-$200,000] [11.4%]
Price Drop by Victor Sozio
Ariel Property Advisors
03/09/2022
$1,750,000
Initial Price by Victor Sozio
Ariel Property Advisors

Building Details

OwnershipMixed Use
Building TypeLow-Rise
Service LevelVoice Intercom
AgePre-War
AccessWalk-up
Year Built1931
Floors/Apts3/6
Learn More About the Building

Transit and Citi Bike

Citi Bike

Bradley Ave & Greenpoint Ave
0.03 miles
Van Dam St & Review Ave
0.16 miles

Contact Agents

Contact Agents

Victor Sozio
Ariel Property Advisors
Alexander Taic
Ariel Property Advisors
View this property on the company's website

Long Island City | Queens

Quick Profile

Long Island City, the name does sound a little far away, like it requires a lengthy drive to get to. Think, again. Long Island City, also known as LIC, is nestled in the western corner of Queens along the East River. Midtown Manhattan is closer to Long Island City than it is to downtown Manhattan.

 LIC is bordered by Sunnyside to the east, the East River to the west, Astoria to the north, and Newton Creek which separates Queens from Greenpoint Brooklyn to the south. 

 A once-shabby manufacturing epicenter, the neighborhood is a mix of industrial, commercial and residential. In recent years it’s seen a rise in some seriously cool factors. Populated by young professionals, multi-ethnic immigrants, and hipsters, LIC has a happening nightlife scene, fantastic restaurants (some of them Michelin starred), art museums and galleries. Much of the waterfront access has been redeveloped into sustainable public green spaces with modern design.  

 Although much of the industrial / manufacturing companies have since left LIC, many still reside there. They tend to co-exist with new residential building development the same way they do in other neighborhoods like Williamsburg and Greenpoint.

 Office building developers and business tenants play a vital role in LIC too. It’s considered New York City’s fourth central business district next to Midtown, downtown Manhattan and downtown Brooklyn.

 As you traverse the streets of LIC, you’ll notice the change from block to block. Industrial warehouses on one block, a bustling Main Street, followed by a park block with sleek luxury high-rise buildings. It’s all part of the LIC vibe.

 For a small neighborhood, the transportation links are excellent. For starters, you just can’t beat living one subway stop from Manhattan (7 train). Other train lines include E, M, R, N, Q, and the G lines. There are also less conventional methods of transportation like the NYC Ferry, which offers three ferry landings. There is no shortage of CitiBike’s in LIC either. Many folks commute to work by way of cycling over the Queensboro Bridge.

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: 83795TH