EXCLUSIVE OFFERING MEMORANDUM
20-UNIT WALK-UP APARTMENT BUILDING FOR SALE | VALUE-ADD OPPORTUNITY 25-38 43RD STREET ASTORIA • QUEENS • NY • 11103
EXCLUSIVE AGENTS
THEO E. KONTIS Partner O: 718.204.6611 M: 646.772.2945 [email protected]
VINCENZO AMATO Partner O: 718.204.6511 M: 718.309.8342 [email protected]
TEK REALTY ADVISORS LLC 35-10 Broadway Suite 204 Astoria, NY 11106 T: 718.204.0900 www.tekrany.com
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OFFERING SUMMARY
TEK Realty Advisors LLC (“TEKRA”) has been retained as exclusive agent to arrange the sale of 25-38 43rd Street, a four-story walk-up apartment building located on the west side of 43rd Street between 25th Avenue and 28th Avenue in Astoria, Queens, NY.
The subject property contains twenty (20) apartments, nine (9) of which are 1-Bedrooms and eleven (11) which are 2-Bedrooms.
25-38 43rd Street is near the Q18, Q101 and M60 buses providing access into LaGuardia Airport, the Upper West Side of Manhattan and to the Astoria Ferry Landing. The N & W subway lines are on 31st Street and Astoria Boulevard.
PROPERTY ADDRESS: 25-38 43rd Street, Astoria, NY 11103
LOCATION: West side of 43rd Street between 25th Avenue and 28th Avenue
BLOCK, LOT: 701 / 58
LOT SF: 4,275± SF
LOT DIMENSIONS: 41.5’ x 103’
GROSS SF: 10,960± SF
BUILDING DIMENSIONS: 41.5’ x 90’
YEAR BUILT: 1928
NUMBER OF STORIES: Four (4) + Basement NUMBER OF UNITS: 1 Bedroom 9 2 Bedrooms 11 Total 20
NYC BUILDING CLASS: C1 — Over 6 Families without Stores
ZONING DISTRICT: R5
MAXIMUM FAR: 1.25
FAR AS BUILT: 2.56
ASSESSMENT: $449,460 (2018/19)
REAL ESTATE TAXES: $57,167 (2018/19)
ASKING SALE PRICE: $6,150,000 | $307,500 Per Unit
FINANCIAL SUMMARY
APARTMENT REVENUE $353,201.52
EXPENSES ($122,425.54)
NET OPERATING INCOME $230,775.98
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PROPERTY TAX MAP
25-38 43rd Street
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LOCATION MAP
25-38 43rd Street is located on the west side of 43rd Street between 25th and 28th Avenues. The subject property is within close proximity to the Q101 bus stop on Steinway Street and 25th Avenue, which services all stops on its route between E 60th Street/2nd Avenue in Manhattan and 49th Street/19th Avenue in Astoria, and the M60-SBS bus stop on Astoria Blvd/Steinway Street providing service into LaGuardia Airport and the Upper West Side of Manhattan. Additionally, the Q18 bus stop is located two blocks south of the subject property on 30th Avenue and 43rd Street providing service between Maspeth and 2nd Street on the Astoria waterfront, where the Astoria ferry is located. The ferry is a 38 minute commute from Astoria to Wall Street/Pier 11.
Access to the N & W subway lines is on 31st Street and Astoria Boulevard, which is a ±15 min. ride to Lexington Avenue and 59th Street.
M60
13 Min. Q101
5 Min. Q18
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PROPERTY PHOTOGRAPHS
Building Entry and Lobby Corridor
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PROPERTY PHOTOGRAPHS
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PROPERTY PHOTOGRAPHS
Apt. C3 — 1-Bedroom Unit with Eat-In-Kitchen
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PROPERTY PHOTOGRAPHS
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PROPERTY PHOTOGRAPHS
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PROPERTY PHOTOGRAPHS
Electric Meters Boiler — Heating Oil #2
Basement Two Oil Tanks — Newly Installed January 2018
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CONTACT INFORMATION
EXCLUSIVE AGENTS
THEO E. KONTIS Partner O: 718.204.6611 M: 646.772.2945 [email protected]
VINCENZO AMATO Partner O: 718.204.6511 M: 718.309.8342 [email protected]
TEK REALTY ADVISORS LLC 35-10 Broadway Suite 204 Astoria, NY 11106 T: 718.204.0900 www.tekrany.com
All information furnished regarding property for sale, rental, or financing is from sources deemed reliable, such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice and to any special conditions imposed by our principal. The quality of the photographs contained herein may have been improved or enhanced. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. As an example, all zoning information, buildable square footage estimates and indicated users must be independently verified.
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