6 East 2nd Street
6 East 2nd Street, New York, NY, 10003, US
4 units
Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis to arrange the sale of Gantry Park Landing (the “Property”), a 159,883 rentable square foot, 12-story residential building located in Hunter’s Point, Long Island City, Queens. The Property is one block away from the Hunter’s Point Waterfront, a master-planned park with ample outdoor space, walking trails, playgrounds, sport courts and a 13,000 SF pavilion. The Property features 199 units and 12,374 commercial square feet. Gantry Park Landing was constructed in 2012 with a 15-year 421a tax abatement that expires in 2027. Upon the expiration of the abatement, the residential units will revert to 100% fair market with unrestricted rent growth. This will create a strong mark-to-market opportunity to implement a light value-add renovation program and capitalize on the 16% spread between in-place rents and the nearby comparable properties ($71 PSF vs. $82 PSF). Gantry Park Landing’s ability to achieve higher rents is supported by recent tradeouts of unrenovated units at the Property averaging $78 PSF in 2024. The Property will be unaffected by this year’s Good Cause Eviction (“GCE”) rent growth legislation at least through 2042, allowing new ownership to capitalize on this spread.