JLL has been retained on an exclusive basis to arrange for the sale of 21-24 Newtown Avenue, a 12-unit multifamily elevator building located in the heart of Astoria, Queens.
21-24 Newtown Avenue is situated in the heart of Astoria, Queens, one of New York City’s most rapidly evolving neighborhoods. With a seemingly endless supply of restaurants, bars, cafes and ample green space and cultural attractions, Astoria has become one of the most sought after submarkets for renters of all ages, from families to young professionals.
With its 421A benefit expiring in five years, 21-24 Newtown Avenue will be delivered as a fantastic candidate for a condominium conversion or rental repositioning play. Upon expiration of the tax benefit, all units are entitled to Free Market status upon vacancy, offering investors the opportunity to capitalize on future upside in rental income. The asset delivers in-place income that is well positioned to grow.