Documents
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Key facts
| Year Built | 2022 |
| Building Area Gross |
|
| Number of units | 186 |
| Occupancy | 70.0 % |
Property description
Jones Lang LaSalle (“JLL”) has been exclusively retained to market for sale Dutch House (the “Property”) an 7-story mixed-use property located in Long Island City, the most desirable submarket in Queens. The Property’s 186 units are 70% market rate and 30% affordable at 130% of AMI including 44 studios, 126 one-bedrooms, and 16 two-bedrooms. The market rate portion of the building leased-up in 3 months averaging about 40 leases per month with the initial 25 leases averaging $64/SF and the last 25 leases achieving $71/SF indicating 11% rent growth over the course of 80 days. There is also 11,067 SF of retail and 10,344 SF of manufacturing space, which is 81% leased and leased on-site parking with a total of 131 spaces. The Property benefits from a 421-A 35-year tax abatement known as Affordable New York, offering long term tax savings.
Investment highlights
- Upside in Rent
- 35-Year Tax Abatement
- Quick Commute
- Top Notch Product and Amenities
Similar Properties
View moreThe value of trust beneficiary rights fluctuates due to fluctuations in the price of real estate, and there is a risk of falling beyond the investment principal. Real estate prices are fluctuated by changes in the population of the area in which they are located and the number of newly supplied properties, fluctuations in interest rates and exchange rates, changes of tax system, loss/damage due to natural disasters such as earthquakes, deterioration over time, and the discovery of hidden defects such as soil pollution.
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https://www.joneslanglasalle.co.jp/ja/compliance-with-laws-and-regulations-and-its-representation
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