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INVESTMENT HIGHLIGHTS:
Stonefield Real Estate has been exclusively retained to market 179-24 Union Turnpike, a newly constructed, fully occupied retail asset located in the Fresh Meadows neighborhood of Queens, NY.
Brand New Construction
- Delivered in 2024 with modern steel-frame design engineered for vertical expansion
- Fully leased, including a turnkey cellar space with private elevator access
- Zero deferred maintenance with roof, structure, parking lot, and mechanical systems all brand new.
Strong Tenancy & Stable Cash Flow
- 100% occupied by four service-based tenants
- Long-term leases featuring scheduled rent escalations and personal guarantees
- Net leases with tenant reimbursements for property taxes and common area maintenance
Prime Fresh Meadows Location
- Prominent Union Turnpike frontage with high daily traffic
- Close proximity to St. John’s University
- Surrounded by dense residential neighborhoods
Favorable Tax Abatement Structure
- In process of securing a 15-year ICAP tax abatement
- Payable property taxes are projected to begin at $77,245 in Year 1 (2026/2027) and gradually increase as the abatement phases out
- Full abatement benefits remain constant for the first 11 years, with a phased reduction over Years 12 through 15
