First Time Sale!
A Durable Real Estate Investment
127,000 GLA Logistics Warehouse in NYC
58-95 Maurice Avenue, Maspeth, NY, 11378
The Recipe for a Durable Real Estate Investment
Start with the location
Maspeth Queens… The geographic center of NYC
Immediate access to LIE, BQE, airports, and bridges
Add
last mile logistics… A high demand growing utilization type
Add
A modern 127,000 SF Class “A” Industrial distribution building with accessory land - winner of the Queens Chamber of Commerce Best New Industrial Building contest
Finish with
100% leased and credit tenancies - Fully stabilized cash flow
A Location to Invest In
This Real Estate Investment is Known for the Company It Keeps
Home Depot Future Site
Home Depot purchased the Coca Cola Bottling Plant located at 59-02 Borden Avenue on 8/22/2017.
Last Mile Logistics
The Industrial Space Demand Driver for this Century
Location, Location, Location
Constructed in 1988, this well-maintained multi-purpose warehouse is situated in a strategic “last-mile logistics” location. Its direct access onto the BQE and LIE, minutes to the East River Bridges, access to Manhattan give it the 100% location. Winner of the Queens Chamber of Commerce Best New Industrial Building contest.
Property Information
Site
-
105,000+ sq. ft. -
Frontage Maurice Ave. - 235+ ft. -
2 Blocks to LIE, BQE -
55th Ave. Frontage - 488+ ft. -
Wide Avenue Access -
Traffic Lights 2 Corners -
Full Access Easement -
55th Ave. Frontage -
Easement -
Accessory Parking
FedEx
-
Maurice Ave. Frontage -
Maurice Ave. Frontage -
Access FedEx and Lower Level -
Interior -
Interior -
Offices -
Package Drop-off -
Interior -
Interior -
Interior
Daltile
Skylift
A Durable Real Estate Investment
Primary Tenants
Skylift - Master Rigger for Over 20 Years
- Occupancy (lower level)
- 38,500 SF
- Lease Expires
- 2022
Asking Price
At the Intersection of Replacement Cost and Capitalized NOI
Replacement Cost?
- Land Price
- Based on recent comparable land sale, 28-20 Borden Avenue, Queens, NY 11101
- Block
- 294-120
- Size
- 80,960 SF
- Sale Date
- 7/2/2014
- Sale Price
- $28,500,000; $352 PSF
- Comments
- Sold subject to a lease with Federal Express for excess parking
- Adusted Subject
- $250 PSF
- Plot
- 105,740 SF = $26,435,000
- Estimated Construction Cost PSF
- $230 × 127,000 SF = $30,000,000 (apx)
- Total Estimated Replacement Cost
- $56,000,000
Capitalized NOI?
Request our NDA
A Durable Real Estate Investment That Checks All of the Boxes
-
- Status of Cash Flow?
- Fully Stabilized
-
- Quality of Income?
- Credit Tenants
-
- Type of Asset?
- High Demand Logistics Industrial
-
- NYC Location?
- 100% Distribution Location
-
- High Quality Construction?
- 1988 FP + SPK
-
- Asking Price?
- Below Replacement Cost
-
- Upside?
- Well-Timed Lease Rollovers
Available Due Diligence Documents
- Survey
- Lease Précis
- Certificate of Occupancy
- Building Plans
- Estimated 10-Year Cash Flow
- Estimated Cash Flow Assumptions
- Stabilized Estimated Expense Recovery
- Lease Documents
Please enter your PIN to view documents.
To explore this opportunity, please contact
President Greiner Maltz Co. of New York
Co-brokerage cooperation encouraged
Greiner-Maltz and You
Creating Opportunities Together
Greiner-Maltz has been guiding its clients to successful transactions for more than 60 years. Our real estate acumen is an integral part of our corporate culture. The New York City metro area is one of the most competitive and complicated real estate markets in the world. We welcome the opportunity to guide you to your next successful transaction.
- 4 NY Metro offices, each operated by a principal of the firm
- 60+ years of experience and expertise
- Unique proprietary transactional database
- Placing our clients' interests first
We are looking forward to speaking with you.
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