Meridian named exclusive broker of Opportunity Zone assemblage in Long Island City

New York, NY Meridian Investment Sales has been hired exclusively to market for sale The Starr Ave. assemblage, a seven-parcel commercial property at 35-09 Starr Ave., 52-29 35th St. and 32-09 & 32-11 Greenpoint Ave. in Long Island City, Queens.

Located in an opportunity zone at the industrial corridor, the block-through assemblage offers instant access to Manhattan and Brooklyn and numerous expressways.  

Meridian’s Scott Burk, Paul Patafio, and Maxwell Kepes are representing the seller Skyline Credit Ride Inc., a limousine company, in the sale of its headquarters.

“Given the enormous interest in last-mile distribution, the site’s potential was immediately obvious,” said Burk. “There are a dearth of available commercial properties with ample parking for sale in this strategic pocket of Long Island City, especially being within 1,000 feet of both the Long Island Expressway, at exit 15 – Van Dam St., and Greenpoint. The fantastic location for vehicular traffic makes this offering extremely desirable for both investors and owner users.”

At present, there are three free-standing buildings totaling 12,927 gross square on the site and 15,000 gross s/f of parking. Two buildings are occupied by the seller, and one is occupied by a tenant whose lease expires in the summer of 2020, providing a buyer with a clear path to total vacancy. Because the assemblage is situated in an M1-1 zone, a buyer can develop nearly 20,000 s/f of commercial or industrial space and a maximum community facility of 48,000 s/f.  The property’s location in an opportunity zone supplements these advantages, enabling the owner to realize substantial tax benefits through development. But the area was already popular before the opportunity zone designation, said Burk. In recent years, national tenants such as Uber, FedEx, Lyft, Fresh Direct, and UPS moved into Long Island City, attracted by the proximity to highways and the exceptional access to Manhattan and the surrounding boroughs.