35-11 & 35-31 9th Street
Long Island City, NY 11106
MODERN SPACES is excited to announce that we have been retained on an exclusive basis to arrange for the sale of 35-11 and 35-31 9th Street in Long Island City, New York, one block from the waterfront. Once home to the old Long Island City Cigar Factory, this historic four story loft building boasts 102,670 square feet of commercial and creative office space and sits on a 42,000 square foot parcel of land bounded by 9th Street, 35th Avenue and 10th Street.
STABLE CASH FLOW AND TREMENDOUS UPSIDE POTENTIAL: With 57 commercial units, two cell towers and a 5,000 square foot parking lot, the property has a projected net income of $1,175,169. Fueled by multiple new construction projects including the development of the Cornell-Technion campus on Roosevelt Island, the property stands to benefit from increased office demand and accelerated commercial rent growth over the current average of $14.27 per square foot.
RESIDENTIAL CONVERSION OPPORTUNITY: Over 600 feet of combined frontage on almost one acre of land gives the property an unmistakable presence in this dynamic neighborhood. The property sits within an R5 zoning district which provides a unique residential conversion opportunity as short term leases expire. Cancellation clauses in several of the leases may also accelerate the conversion process. Luxury condominium values in the neighborhood have recently topped $1,000 per square foot on average while rentals average over $50 per square foot.