35-11 9 STREET

Elite ListingIndustrial QueensLong Island City

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Property located at 35-11 9 STREETIc expand

Avison Young, as exclusive agent, is pleased to offer for sale The Cigar Factory building located at 35-11 9th Street in Astoria, Queens (the “Property”). Situated on a full block-front along 35th Avenue, this former factory building offers 4-stories of creative office space totaling 120,559 rentable square feet. The Property sits on a 42,000 square foot lot with approximately 610 feet of wraparound frontage along 35th Avenue, 10th Street, and 9th Street. In addition to the Property, a 5,010 square foot lot used as a parking area for the office, located a few doors down at 35-31 9th Street (the “Lot”) is also available. The Property has undergone a modern transformation with $5.0M in improvements featuring a brand-new lobby, upgraded elevators, bike room, locker rooms, landscaped courtyard, new bathrooms, and an aesthetic that fosters a creative community and work environment. In addition, Ownership is amidst a $1.4M façade improvement program that is slated for completion in the Third Quarter of 2021.

The Property is approximately 61.9% occupied and the in-place average rent per SF ($21.54) is 28% lower than market ($30.00). The in-place NOI of $1,053,895 can be improved through leasing up the vacant space and capturing higher rents from near-term lease roll through a mark-to-market strategy. Floors two through four feature a combined 44,813± square feet of vacancy providing immediate lease-up potential of some of the Property’s most appealing space. The Property’s underlying R5 zoning also allows for the potential for a more comprehensive redevelopment that could unlock additional value through a residential conversion.

The Property is proximate to the 36th Avenue subway station, which services the N and W trains (20 mins from Times Square), and the 21st Street – Queensbridge Station, which services the F train (15 mins from Bryant Park). The Property is an easy walk from both stations. The building also is within three blocks from the Queensboro Bridge, a popular bike crossing for cyclist commuters. Given its excellent access to the bridge, The Cigar Factory is also a 20-minute drive from Midtown, Manhattan. In addition, JFK (38 minutes) and LaGuardia (16 minutes) airports are easily accessible. Furthermore, the Property is in an Opportunity Zone, which provides investors a potential tax-advantaged investment.

Property Details

Lot Dimensions 210.22 x 200.21
Lot Area42,000 sq.ft
Zoning: R5
FAR as Built:2.44
Max FAR:2.0

Exclusive Agent

James Nelson

Avison Young

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Sales & Transactions

AddressNeighborhoodBuilding ClassSale PriceSale Date
38-29 9 STREETLONG ISLAND CITYF9$7,005,00007/26/2018
27-19 THOMSON AVENUELONG ISLAND CITYG2$6,850,00007/03/2018
43-05 35TH STREETLONG ISLAND CITYE1$5,100,00006/14/2018
38-45 9 STREETLONG ISLAND CITYF9$10,150,00006/08/2018
11-52 44TH DRIVELONG ISLAND CITYF5$5,200,00005/31/2018
50-13 35TH STREETLONG ISLAND CITYE1$4,700,00004/13/2018
27-10 49TH AVENUELONG ISLAND CITYE9$12,000,00004/10/2018
37-04 24TH STREETLONG ISLAND CITYF4$3,000,00004/04/2018
37-29 32ND STREETLONG ISLAND CITYE9$2,400,00004/02/2018