40-16 Crescent StQueens, NY 11101

Property Details for 40-16 Crescent St

Year built

1928

Property size (Sq ft)

22,000 SF

Property type

Mixed-use properties

Description

This exceptional mixed-use property at 40-16 Crescent Street in Long Island City, Queens, NY 11101, presents a compelling investment opportunity. The five-story, 22,000 square foot building, constructed in 1928, boasts a 9% cap rate and a current NOI of $581,592. The property is currently 100% occupied and features a diverse mix of commercial and residential units. Seven apartments have undergone complete renovations, described as "brand new," while four additional units are gutted and ready for finishing, offering significant value-add potential. The ground floor comprises five commercial spaces, with two to four featuring new electrical systems and four updated bathrooms. Recent building-wide improvements include a new boiler and trash compactor, exterior pointing, complete electrical and plumbing upgrades with new panels and gas lines. The property is zoned C7, offering flexibility for future development. This presents a rare chance to acquire a well-maintained, high-performing asset in a prime Long Island City location with substantial upside potential through the completion of the remaining apartment renovations and the lease-up of the ground floor commercial spaces. The corporate ownership structure ensures a smooth transaction. The building consists of 25 units in total.

Location Insight

City

Queens

County

Queens

State

New York

Latitude

40.7532

Longitude

-73.9385

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