Steinway House

25-34 Steinway Street, Astoria, NY

For Sale

Building

Property Facts

  • Sale Type Investment
  • Neighborhood Astoria
  • Residential Units 10
  • Commercial Units 2
  • No. Stories 4
  • Average Occupancy 100%
  • Year Built 2020
  • Block/Lot 00654-7503
  • Building Size 50 x 62
  • Lot Size 50 x 95.83
  • Lot Square Footage 4,750
  • Zoning C4-2A
  • Real Estate Taxes (2021/22)
    *Taxes subject to change during (22/23) once reassessed.
    $40,000

Steinway House

The Steinway House consists 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 already has two commercial anchor tenants in place including Sitan Gym and Gorillas, a tech-driven grocery delivery service. The building is located in one of the best retail corridors in Queens. Steinway Street has very high traffic and visibility. It is situated close to highways, airports, schools and houses of worship as well as an abundance of restaurants, nightlife, and cultural institutions. You will never be short on businesses eager to use this prized location as a launching pad for their thriving venture.

For the money-minded, this is an excellent property to hold onto as a long-term investment and watch it grow and thrive well into the future. As a new construction project the building enjoys a 421-a tax abatement for the residential portion of the building as well as a ICAP abatement for the commercial portion. Tenants are responsible for their own heating costs, 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, which both add convenience for tenants as well as an additional income for the future owner. With extra revenue streams and great tax benefits, this Astoria NY investment property is a prime opportunity that is simply too good to miss.

As you might expect in a building of this caliber, the long list of additional features is sure to tick all the boxes. There is an oversized Otis® elevator that accesses all levels, a video intercom system, 24-hour camera surveillance, electronic access control system, roof deck, on site laundry and on site storage as well as a building wide fire sprinkler system which is linked to a central station monitored fire alarm panel ensuring the safety of your tenants and your building.  

For residents enjoyment, there is a beautiful and private rooftop terrace with sweeping views over the neighborhood and out to the twinkling NYC skyline. This is sure to be a favorite gathering place for parties, Sunday brunches, birthdays or simply relaxing with a cool drink as the sun sets over the city. Amenities like this create a thriving community-based feel within the building and add an extra drawcard for tenants eager to find their dream residence.

Steinway House is perfectly positioned close to everything a tenant could ever need or desire. They will enjoy a central location between 25th Avenue and 28th Avenue with the N and W subway station short steps away. The Astoria neighborhood offers the very best of NYC in a small laid-back community making this an eclectic place to call home. In Astoria, you will discover some of the best public schools, picturesque parks and shopping from the local grocery store to bustling retail hubs and so much more. A blooming art scene is also underway with museums just waiting to be explored. Renowned restaurants and cool cafes add to the charm of this prized locale all wrapped in a vibrant, stylish and creative atmosphere that feels safe and inviting for people of all ages and backgrounds.

This desirable location for renters with a wonderful blend of chic Astoria and the NYC lifestyle comes to life in this sought-after region. You can step right outside the building and walk to a host of wonderful dining options, shopping and parks while quick access to the Brooklyn Queens Expressway and La Guardia Airport. As one of the most densely populated and stable neighborhoods anywhere in NYC you are sure to enjoy low vacancy rates and added peace of mind as the new owner of the ‘Steinway House’.

Inspection of the property will be made by appointment only. Please do not attempt to inspect the property independently. Please Do Not Disturb The Tenants.


Investment Highlights

4.69% 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.

Well 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