NAI Global and HSP Real Estate Group are pleased to exclusively present the opportunity to acquire the Queens Urban Retail, located primarily at the intersection of Queens Boulevard and 63rd Drive, in the Rego Park section of Queens, New York, approximately 8 miles east of Manhattan.
The Portfolio consists of one and two-story retail and commercial Buildings totaling 91,398 rentable square feet. All of the Buildings have extensive frontage and excellent visibility along Rego Park’s two primary commercial and retail thoroughfares. The offering provides a unique opportunity to redevelop portions of the Portfolio over time into mixed-use assets, including ground floor retail and low-rise multifamily units. The Properties are also located in a designated Opportunity Zone that could provide additional economic benefits if Federal guidelines are satisfied.
• The Property is 100% leased with many national credit tenants including Rite Aid, Duane Reade (Walgreens), HSBC Bank, JP Morgan Chase Bank and Starbucks.
• The Portfolio was built predominantly in the 1940s and is situated in an irreplaceable location in one of the most populous areas of the nation. The Borough of Queens has nearly 2.4 million residents and approximately 175,000 people live within one mile of the Property.
• The Property’s neighborhood, Rego Park, is a multi-cultural, affluent area with strong residential development activity. In addition, the Portfolio is located adjacent to the 63rd Drive-Rego Park Subway Station, which has an annual average ridership of nearly 5 million passengers per year.
