37-20 Prince St, Queens, NY 11354

Unrepeatable Location – 142′ of Prince St frontage between 38th & 39th; zero comparable large-plate retail coming to market.

Proof of Spend – Molly Tea’s $6 M gross receipts and daily queues validate spending power and spill-over potential.

Transit & Parking – 60 K+ daily subway riders plus 500-space municipal lot directly opposite.

Significant Value-Add Potential: Two of the largest tenants – COCONUT (27% of GLA) and FAI HUANG (36% of GLA) – are paying well below market rents ($78 and $53.81 per SF, respectively, versus market estimates of $116+ and $75+). These leases are 39–49% under market, representing a clear upside opportunity as they expire. In New York City, many older retail leases locked in at low rates can be marked to market upon meaning the new owner can substantially boost income by capturing this built-in rent growth.

Strong Market Rent Upside & Value Growth: Bringing the under-market spaces up to market rates would raise the property’s weighted average rent from about $81/SF to ~$100/SF (a ~24% increase in NOI). For instance, COCONUT’s rent would jump by +$38/SF and FAI HUANG’s by +$21/SF if leased at market levels. Such income growth can translate directly into higher asset value – at a 5% cap rate, each $1 of additional NOI adds roughly $20 in property value. In short, marking leases to market could potentially increase the property’s value by on the order of 25%, underscoring the significant upside for an investor.

Favorable Lease Rollover Timeline: The rent roll features staggered lease expirations that balance near-term upside with stable income. One tenant (Wine & Liquor, 13% of GLA) is on a year-to-year (short-term) lease, making it easy to re-tenant or raise to market rent in the immediate term. Meanwhile, the two below-market leases expire in Sept 2027 (Fai Huang) and Sept 2028 (Coconut) (each with extension options into the early 2030s), allowing the owner to reset rents to market within ~3–4 years as part of a value-add plan. The remaining tenants (Sanford Star and Fast Break, ~24% of GLA) are locked in through 2029 (with options to 2034), providing a stable income base during execution of the strategy. This staggered rollover schedule mitigates risk while positioning the majority of the space for major rent upside in the mid-term.

Prime Downtown Flushing Location: The property lies in the heart of Downtown Flushing, one of New York City’s busiest retail hubs. The Main Street/Roosevelt Avenue intersection in Flushing is the third-busiest pedestrian intersection in NYC, behind only Times Square and Herald Sq. This unparalleled foot traffic and dense surrounding population drive strong tenant demand and high sales volumes for retailers. The location’s vibrancy – often dubbed the “Chinese Times Square” of NYC – underpins the premium market rents (well into the triple-digits per SF) and ensures any vacant or re-tenanted space can attract quality tenants at top-dollar rents.

Repositioning & Design Enhancement Opportunity: There is additional upside through physical improvements to reposition underperforming space. The FAI HUANG unit (36% of GLA) is a non-street-facing space accessed via a corridor, which explains its low $53.81/SF rent. By investing in strategic design upgrades – for example, creating a direct street entrance, facade openings, or enhanced signage/visibility – an owner could dramatically improve this unit’s exposure and foot traffic, supporting rents of $75+ per SF in line with market potential. Retail experts note that adding entrances or reconfiguring layout to boost visibility can be transformative for underperforming retail. By converting the Fai Huang space into a true storefront, the new owner can unlock its full revenue potential, turning a back corridor unit into a prime leasing opportunity in Downtown Flushing’s high-traffic market.