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14-18 ASTORIA PARK SOUTH ASTORIA, NY 11102 New Construction Two Family Building for Sale 14-18 Astoria Park South

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14-18 ASTORIA PARK SOUTH ASTORIA, NY 11102 New Construction Two Family Building for Sale 14-18 Astoria Park South 14-18 ASTORIA PARK SOUTH ASTORIA, NY 11102 New Construction Two Family Building For Sale 14-18 Astoria Park South Photo taken from the East River Path in Manhattan For more information, please contact exclusive agents: EVAN J. DANIEL GREG KYROGLOU ASHLEY JESHIVA Executive Vice President Licensed Associate RE Broker Senior Director 516.508.8189 917.916.6776 443.465.8308 [email protected] [email protected] [email protected] WWW.EVANDANIELRE.COM LI City Ventures, LLC (d/b/a Modern Spaces) copyright 2020. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). It is the responsibility of the prospective purchaser to make an independent determination as to the condition of the property (or properties) in question and cannot rely upon any representation made by Modern Spaces or any broker associated with Modern Spaces. Manhattan Astoria Park Astoria Park 14-18 Astoria Park South 14-18 Astoria Park South Southwestern View Northern View 14-18 ASTORIA PARK SOUTH ASKING PRICE ASTORIA, NY 11102 $2,400,000 THE OFFERING The Value. This opportunity offers the flexibility that would appeal to a variety of buyers. An Modern Spaces’ Commercial + Investment owner/user can occupy all or part of the property Division is pleased to offer the following and rent the unoccupied units. An investor can opportunity at 14-18 Astoria Park South in buy and rent the units. A developer can convert Queens, New York. The subject property is the building to condominium and sell out the a new construction, three unit multifamily units to separate buyers. building across from Astoria Park. The site was completed in 2018 and contains approximately PROPERTY INFORMATION 4,873 gross square feet on a 16.58’ x 100’ lot. Block / Lot 899 / 46 THE OPPORTUNITY Lot Dimensions 16.58’ x 100’ The Location. 14-18 Astoria Park South offers Lot Size 1,658 SF the opportunity to own a property just across from Astoria Park with unlimited access to Building Dimensions 16.58’ x 52’ outdoor space away from home. The property Building Size 4,873 SF is also in close proximity to Manhattan with the closest access being a short drive over the RFK Stories 4 Bridge or via ferry. Year Built 2018 The Layout. The property currently consists of Zoning R6B (FAR 2.0) two units plus a lower level with a back patio. Taxes (19/20) $9,503 The existing layouts can be reconfigured in a few different ways depending on a buyer’s preferences. The property will be delivered vacant. FINANCIAL OVERVIEW CONDOMINIUM PROJECTIONS Unit Floor(s) BR / BA Size (SF) Condo Value Range Unit 1 LL, 1 & 2 3 / 3 2,495 $1,400,000-1,500,000 Unit 2 3, 4 & Rooftop 3 / 2 1,550 $1,200,000-1,300,000 Total 6 / 5 4,045 $2,600,000-2,800,000 *LL combined with Unit 1 RENTAL PROJECTIONS Unit Floor(s) BR / BA Size (SF) Monthly Rent Annual Rent Lower Level LL 0 / 1 767 $1,600 $19,200 Unit 1 1 & 2 3 / 2 1,728 $3,800 $45,600 Unit 2 3, 4 & Rooftop 3 / 2 1,550 $4,250 $51,000 Total 6 / 5 4,045 $9,650 $115,800 *LL has a large, private backyard PROJECTED EXPENSES Revenue Per Projected Rent Potential Gross Income $115,800 Vacancy 3% ($3,474) Effective Gross Income $112,326 Expenses Real Estate Taxes (19 / 20) Per NYC Dept. of Finance $9,503 Water / Sewer Projected @ $0.20/SF $656 Insurance Per Owner $2,200 Gas Projected @ $0.50/SF $1,639 Electric Tenant Pays $0 Repairs / Cleaning / Maintenance Projected @ $75/Month $900 Total $14,897 Projected Net Operating Income $97,429 FLOOR PLANS *Lower level floor plan not pictured. ASTORIA PARK & AREA DEVELOPMENTS Astoria Park is the largest park in Astoria, spanning 59.96 acres, and is located along the East River on the Queens side of New York City. The park is adjacent to the RFK and Hell Gate Bridges, making it easily accessible. Within the park, there are several sports fields, swimming pools, tennis courts, and open grassy areas to remain active outdoors. Astoria Park recently rent through a complete transformation to improve the conditions of the premises. 14-18 Astoria Park South benefits from the unparalleled views of the park and convenient access. A B C D E ASTORIA 14-18 PARK SOUTH D A B E C F F Sites Pictured: A. Newtown21 B. EXO Astoria C. 25-27 23rd Street D. Shore Towers E. 10 Hallets Point F. Astoria Park ASTORIA MARKET DATA Closed Condominiums Average Price Average Square Feet $1,000,000 $936,500 1400 1264 1200 $800,000 $618,000 1000 $600,000 800 631 $400,000 600 400 $200,000 200 $- 0 1 Bedroom 2 Bedroom 1 Bedroom 2 Bedroom Average $/SF Unit Mix $1,050 $1,003 $1,000 2 Bedroom, 40% $950 $900 $869 $850 1 Bedroom, 60% $800 1 Bedroom 2 Bedroom *Data is from Q1 2020 ASTORIA MARKET DATA In Contract Condominiums Average Price Average Square Feet 952 $1,200,000 1000 $970,400 $1,000,000 800 696 $800,000 $731,923 600 $600,000 $525,000 428 400 $400,000 $200,000 200 $- 0 Studio 1 Bedroom 2 Bedroom Studio 1 Bedroom 2 Bedroom Average $/SF Unit Mix $1,400 $1,227 $1,200 $1,010 $995 Studio, 6% $1,000 $800 2 $600 Bedroom, $400 68% 1 $200 Bedroom, $- 26% Studio 1 Bedroom 2 Bedroom *Data is from Q1 2020 ASTORIA MARKET DATA Luxury Rentals Average Rent Average Square Feet $5,000 $4,600 1400 1249 1200 $4,000 980 $3,222 1000 $3,000 $2,414 800 712 $1,937 561 $2,000 600 400 $1,000 200 $- 0 Studio 1 Bedroom 2 Bedroom 3 Bedroom Studio 1 Bedroom 2 Bedroom 3 Bedroom Average $/SF Unit Mix 2 $50 Bedroom, $42 $44 $45 $40 $41 13% $40 $35 3 $30 Bedroom, $25 1% $20 $15 1 Studio, 11% $10 Bedroom, $5 74% $- Studio 1 Bedroom 2 Bedroom 3 Bedroom *Data is from Q1 2020 ASTORIA 14-18 PARK SOUTH For more information, please contact exclusive agents: EVAN J. DANIEL GREG KYROGLOU Executive Vice President Licensed Associate RE Broker 516.508.8189 917.916.6776 [email protected] [email protected] ASHLEY JESHIVA Senior Director 443.465.8308 [email protected] WWW.EVANDANIELRE.COM LI City Ventures, LLC (d/b/a Modern Spaces) copyright 2020. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). It is the responsibility of the prospective purchaser to make an independent determination as to the condition of the property (or properties) in question and cannot rely upon any representation made by Modern Spaces or any broker associated with Modern Spaces..
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