41-60 Main Street

Jones Lang LaSalle (“JLL”) has been exclusively retained to offer for sale the fee simple interest in 41-60 Main Street (the “Property”). 41-60 Main Street is a three-story, 104,292 rentable square foot commercial building prominently located in Downtown Flushing. Located on the southwest corner of Main Street and Sanford Avenue, 0.2 miles from the 7 train, the Property is headlined by Capital One Bank and Preferred Bank on the ground floor and serves the neighborhood through all of its forty-nine tenants.

Currently 87% leased, with a weighted average lease term of 4.6 years, 41-60 Main Street presents a prime opportunity to acquire a commercial building with an in-place NOI of $4.4MM and demonstrated tenant demand. Since 2020, this demand has been proven by 62,436 RSF of space leased, with a waitlist of tenants eager to secure space in the building. The opportunity to increase NOI is highlighted by 13,621 SF of vacant space, as well as additional lease expirations throughout 2025. Historically, rent growth at the Property has outperformed the market, with ownership signing leases in 2024 at approximately 39% more than in 2021 across the building. Additionally, since acquiring the Property in 2024, Madison Realty Capital has significantly improved leasing and occupancy operations. With an average TI allowance of $0, Madison has signed 14 leases totaling 12,512 SF, with 6,236 SF of renewals from existing tenants currently in process. This offering provides investors the opportunity to acquire a large-scale commercial building with strong tenant demand and growing rents on the busiest commercial corridor in the outer boroughs.