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Office / Retail / Mixed-Use TWO-STORY PLUS LOWER LEVEL OFFICE / RETAIL / MIXED-USE EXECUTIVE SUMMARY AREA 45-01 Northern Boulevard is a 72,500 SF dynamic one of a kind mixed-use, 72,500 RSF (DIVISIBLE) office, retail, warehouse, and distribution facility with 6,000 SF parking on one of NYC’s busiest thoroughfares. Access to multiple bus and subway TERM lines and all major highways, bridges, and tunnels make this location one FLEXIBLE of Long Island City’s easiest commutes for tenants and customers. 45-01 Northern Boulevard is one of Long Island City’s rare and unique leasing opportunities – leaving its nearly century old industrial past behind to PARKING usher in a new era. 20+ CAR For Information, please contact: STEPHEN PREUSS JOSHUA KLEINBERG ADAM MALITZ 718 512 2118 347 368 9160 718 606 7045 [email protected] [email protected] [email protected] ANDREAS EFTHYMIOU FRANK LIGGIO 718 512 2621 718 512 2611 [email protected] [email protected] A full commission computed and earned in accordance with the rates and conditions of our agency agreement with our principal, when received from our principal, will be paid to the cooperating broker who consummates a lease which is unconditionally executed and delivered by and between lessor and lessee (a copy of the rates and conditions referred to above is available upon request). PROPERTY INFORMATION PROPERTY FEATURES: SIGNIFICANT CAPITAL IMPROVEMENTS INCLUDING: • Transit oriented • Addition of 3 elevators, C-3 • Visible frontage on Northern Boulevard • Restoration of terracotta at façade • Rooftop access for one (1) tenant • Installation of new windows and storefront • Open floor plan entries • 20+ car parking • Updated HVAC • Ideal users include: Medical, Non-For Profit, City • Extended Sprinkler Plan Agency, Healthcare, Life Sciences, Educational • Addition of egress stairs as required and Office/Community Facilities TYPICAL FLOOR PLAN C2-4/R6B C2-4/R6B M1-1 M1-1 46TH STREET 45TH STREET NORTHERN BLVD CELLAR FLOOR PLAN 45-01 NORTHERN BLVD, QUEENS, NY CELLAR 87-10 NOTHERN BLVD, SUITE 204 JACKSON HEIGHTS, NY 11372 BLOCK: 705 LOT: 1 M1-1 6/4/19 ( 718 ) 225-6400 phone ( 718 ) 225-6404 fax Wards Island Harlem River Park Astoria Park Mill Rock 6 Q Park 8 Jacqueline 27 KennedyResv'r Onassis Carl Schurz Park 4 5 6 Q Lighthouse ASTORIA Park Q Rainey 6 Park Ecological The John Jay Park Park Lake WOODSIDE Q 7 Blackwell Park Central Park TRANSPORTATION MAP 6 South Miller Riverside Park Park QUEENSNORTH PLAZA 7 Memorial Q F Queens The F Park DamroschPark Bridge Pond Park F SUNNYSIDE Q A C N W R N W R 7 B D LONG CITYISLAND B D 1 4 5 6 7 N Q 7 8 F 27 W R 7 COURT Park E M E M FACTORY MASPETH De Witt Clinton SQUARE 7 C E 1 South DISTRICT 66 Point B D F M Park N R W GRAND CENTRAL PORT AUTHORITY BUS TERMINAL 5 49 12 MIN 7 GRAND CENTRAL TERMINAL 7 S 7 A C E N Q R W B D F M 7 Hudson River 4 5 6 7 S 7 1 2 3 Bryant 14 MIN Park Newtown Creek MADISON PENN STATION SQUARE GARDEN The Way To Go. MNACY’S Q R 7 W A C E 1 2 3 B D F M HERALD SQUARE FASHION INSTITUTE OF TECHNOLOGY 6 ARDS 1 R W 6 HUDSON Y ChelseaPark GREENPOINT RIDGEWOOD 19 MIN C E 1 F M R W 6 Park Chelsea Waterside 24 MIN UNION SQUARE GREENPOINT L 1 EAST 18 MIN WILLIAMSBURG Union McCarren Park Elysian Square A C E L 1 2 3 F M L N Q R Park W L 4 5 6 L 24 MIN L L Access to: L NEW YORK UNIVERSITY 66, 101, 104, 2, 3, 20, 32 L L Bus: L R W 6 L 1 L A C E L Subway: B D F M East River Park River East BUSHWICK Park Hudson River WILLIAMSBURG BUSHWICK F 6 B D F M WILLIAMSBURG L 1 R W G M M J J C E F M 6 PARKING M M J Z J J J Z L B D East River 1 A C E G N R Q W 6 Z F L 1 G BROOKLYN NAVY YARD 1 2 3 A C 4 5 6 J N Q B Z Tompkins Governor D BEDFORD- R W Park Park 2 3 STUYVESANT Nelson A Rockefeller L J Z DUMBO A C 2 3 R W 1 4 5 North Commodore Cove John Barry Park E 4 5 R W CLINTON 1 DUMBO HILL Esplanade J Z 2 3 Fort DOWNTOWN Greene Brooklyn Park Bridge BROOKLYN Park South Cove FORT 4 5 DOWNTOWN GREENE W Robert F R Brower R BROOKLYN 11 Park STATEN ISLAND Wagner Jr Park Battery FERRY TERMINAL Park CROWN HEIGHTS BROOKLYN BOERUM HEIGHTS HILL PROSPECT HEIGHTS COBBLE HILL CARROLL GOWANUS GARDENS PARK SLOPE RED HOOK Red Hook RecreationalArea LONG ISLAND CITY TRANSFORMATION STATISTICS • Long Island City has a skyrocketing residential base, with 35,000 new residents in the last decade and 50,000 more projected over the next • 8 subway lines and the Long Island Rail Road few years serve Long Island City • 24,000 new residential units are accessible within • There are 4.9 MM workers within a 60-minute a 15-minute bike ride or less due to the recent commute of Court Square, exceeding Fulton installation of multiple Citi Bike stations around Center (4.4 MM) and Union Square (4.5 MM), the corner from the Property and comparable to Penn Station and Grand Central (5 MM each) • Millennials comprise 27% of Long Island City’s population, a greater percentage than Manhattan (21%), and New York City (17%) ACCESS TO RESIDENTIAL WORKERS GROWTH IMPROVED OFFICE AMENITIES INVENTORY • 23% of total office inventory (2.5 MM SF) has • 26 new hotels are in the construction pipeline been repositioned in the last 3 years • There has been a recent increase in retail • 6,300+ businesses with 93,000+ employees, amenities, including coffee houses, gourmet including Citibank, MetLife, JetBlue, Publicis, restaurants, and nightlife options and Silvercup Studios • Long Island City includes major cultural institutions like MoMA PS1 and Socrates Sculpture Park GOVERNMENT COMMITMENT TO LONG ISLAND CITY / INCENTIVE PROGRAMS With a long-term vision of creating a vibrant, 24/7, pedestrian friendly business district, New York City has made an incredible commitment to improving infrastructure in the Long Island City area. Some of the recently completed and ongoing initiatives include the renovation of Queens Plaza, the Beautification of Jackson Avenue, Subway Renovations & New LIRR Stations, and the massive Hunter’s Point South development. In order to assist and incentivize businesses to expand within Long Island City, the City offers tax breaks, rent credits and other incentives for qualifying companies. The considerable package of incentives significantly lowers landlord operating expenses and has resulted in over 2.0 million square feet of office development and corporate relocations in Long Island City over the past decade. A summary of these incentives can be found below • THE RELOCATION AND EMPLOYMENT ASSISTANCE PROGRAM (REAP) is administered by the NYC Department of Finance and offers tax credits for companies that relocate to Long Island City. Under REAP, companies are eligible to receive a $3,000 tax credit per job per year for up to twelve years. This credit is awarded for each job relocated or added within five years of the initial company relocation (capped at the greater of 100 jobs or two times the employment before the move). Refundable for the first five years if the company has insufficient tax liability, unused credits in years 6-12 can be carried forward for five years. • THE COMMERCIAL EXPANSION PROGRAM (CEP) is a package of tax benefits designed to help qualified businesses relocate and expand in Expansion Areas in New York City (including Long Island City). The program provides tenants in eligible buildings with three- or five-year rent credits. Landlords receive a reduction in real estate taxes of up to $2.50 PSF and are required to pass the full value of the savings as a rent reduction to tenants. • ENERGY COST SAVINGS PROGRAM (ECSP) reduces energy costs for businesses that (a) relocate to, (b) make improvements to property in, or (c) lease space in previously improved buildings in eligible areas of New York City including Long Island City. • BUSINESS INCENTIVE RATE (BIR) is an energy discount program co-administered by NYC Economic Development Corporation and Con Edison. Con Edison directly provides the electricity discount to eligible businesses under this program, and reduces the delivery components of electricity bills by 30 to 35 percent. • BUSINESS IMPROVEMENT DISTRICT (BID) is a New York City program for property owners and tenants that is dedicated to promoting business development and improving an area’s quality of life. The Long Island City BID has experienced significant growth and success since its enactment in 2005, with daily unarmed security/ambassador services, promotion of retail opportunities and property listings, as well as marketing initiatives that promote the district to internal and external business communities. 24/7 MIXED-USE NEIGHBORHOOD Long Island City has witnessed an incredible development boom over the past ten years. Since 2006, there have been over 8,500 apartment units built in Long Island City, with another 24,000 in various stages of planning and development. The development projects span the spectrum from smaller mixed-use projects of fewer than 100 units to Hunters Point South, the master planned community being developed by The Related Companies, Phipps Houses and Monadock Construction that will eventually contain 5,000 new apartments on the southernmost point of the Long Island City waterfront, just a 10-minute bike ride from the Property.
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