13-Story New York City Apartment Building for Sale at $25.75 Million
May 30, 2017

NEW YORK, May 30, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the exclusive opportunity to acquire The Independent, a newly constructed, 13-story elevator building in the Long Island City neighborhood of Queens in New York City. The price is $25,750,000.

“The property has a tax abatement program that generates significant tax benefits and will continue for 15 years,” says Peter Von Der Ahe. “There is also no fair market value reset in the ground lease, which a new owner will find highly beneficial.”

Von Der Ahe, Joe Koicim, and Shaun Riney are representing the seller.

“Ever since the rezoning in 2001 that allowed for residential, commercial and hotel space, Long Island City has been the center of a major development renaissance,” adds Koicim. “Tishman Speyer is adding to its footprint here with a 1.1-million-square-foot office project and other employers such as JetBlue and the New York City Department of Health and Mental Hygiene have moved their headquarters to the area.”

The property is located at 42-14 Crescent St. in Queens, adjacent to the Queensboro Plaza subway hub and a five-minute walk from the Queens Plaza subway station, which provides access to the N, W, 7, E, M and R lines. The location offers several access points into Manhattan. Grand Central Station is within a 12-minute commute.

“Young professionals commuting into Manhattan from The Independent have a quicker ride to work than some of their counterparts who live in Manhattan,” notes Riney.

The Independent features a modern lobby with a virtual doorman, a fitness center, bike storage, and a furnished rooftop with 360-degree views of Long Island City and panoramic vistas of the Manhattan skyline.