83-30 Kew Gardens Rd, Queens, NY 11415

GFI Realty Services is pleased to present the exclusive offering of 83-30 Kew Gardens Road, a 7-story, 89,721 SF, mixed-use apartment building comprised of 52 units and a commercial space, located in the Kew Gardens section of Queens. Completed in 2008, the property features a fitness center with state-of-the-art equipment, a children’s playroom, a lounge, and game room. The apartments are configured as one-, two- and three bedroom luxury units that boast stainless steel appliances, hardwood flooring throughout, and outdoor spaces.

83-30 Kew Gardens Road Provides an investor the rare opportunity to acquire an irreplaceable multifamily property in the highly coveted Kew Gardens Queens neighborhood. In addition to immediately increasing NOI through phasing out of the preferential rents, the looming expiration of the 421A can potentially provide further Free Market opportunity. Due to the family oriented nature of the neighborhood, and the existence of some long term tenants, there is a potential for a Condominium conversion as well. Located on a quite tree lined block and a less than 5 minute walk to the subway and LIRR, 83-30 Kew Gardens Road is certain to always be a desirable address to live.

The property has two years remaining of a 15-year 421 Tax Abatement. At present, there are approximately $258,000 per annum of preferential rent providing a purchaser with immediate upside.

The location is highly desirable, with Forest Park, Forest Hills Stadium, the Austin Street retail corridor, multiple subway lines including the F-E express lines to Manhattan, and the LIRR are nearby, making it an attractive option for renters in the area.