Steinway House

25-34 Steinway Street, Astoria, NY

For Sale

Building

Property Facts

  • Sale Type Investment
  • Year Built 2020
  • Building Square Footage 22,155 (approx.)
  • Building Size 50 x 62
  • Lot Size 50 x 95.83
  • Zoning C4-2A
  • Residential Units 10
  • Commercial Units 2
  • No. Stories 4
  • Average Occupancy 100%
  • Lot Square Footage 4,750 (approx.)
  • Block/Lot 00654-7503
  • Real Estate Taxes (2022/23) $34,663
  • Neighborhood Astoria
  • 421-A Tax Abatement
    (35 Years)
    In-place through 2056
  • ICAP Tax Abatement
    (25 Years)
    In-place through 2046

Steinway House

Daniel Sa'at, Happy 8 Realty Corp., and Grand Brilliant Realty Inc has been retained on the exclusive basis to arrange for the sale of 25-34 Steinway Street, Astoria, NY.


The subject property is a 4-Story elevatored mix-use building which is comprised of two (2) commercial units on the ground floor with basement, four (4) one-bedroom units on the second floor; four (4) one-bedroom units on the third floor and two (2) two-bedroom two bath units on the fourth floor.


This mix-use building is anchored by Sitan Gym and Gorillas Technologies. The building is located in one of the best retail corridors in Queens. The property benefits from a 421-a tax abatement and ICAP abatement that will keep real estate taxes minimal with the future upside of free market units.


Tenants are responsible for their own electricity which includes heat. Each apartment has a mini split unit and are separately metered which keeps the day-to-day operating expenses to a minimum. There is also an on-site coin-operated laundry and on-site storage lockers. With extra revenue streams and great tax benefits, this high-quality, meticulously maintained investment property is a prime opportunity that is simply too good to miss.


Please do not attempt to inspect the property independently. Please Do Not Disturb The Tenants.

Investment Highlights

5% Cap Rate

35 Year 421-a tax abatement for the residential portion of building as well as a 25 Year ICAP abatement for the commercial portion.

Meticulously Maintained Building.

Building Amenities: Otis® Elevator, On-site Coin-Operated Laundry, On-site Storage Lockers, Roof Deck, Electronic Access Control System, Video Intercoms.
As one of the most densely populated and stable neighborhoods anywhere in NYC you are sure to enjoy low vacancy rates.

Short Walk to “N & W” Subway Lines and An Array of Neighborhood Amenities

Twenty-Five Minute Commute into Midtown Manhattan

Ten Minute to LaGuardia Airport

Location

Setup

Team

Brokerage team

Daniel Saat

Real Estate Broker
(718) 637-4000

Michael Lou

Associate Broker
Happy 8 Realty
(888) 568-8876

Sandy Yip

Real Estate Broker
Grand Brilliant Realty
(718) 308-6080