Gantry Park Landing_Property for Sale
Gantry Park Landing_Property for Sale
2-14 50th Ave, Long Island City, NY, 11101

Gantry Park Landing

Asset description

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. 

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Attributes

Units
199
Year built
2012
Building area net
19,206 sm

Media

Investment highlights

  • Near-term 421A Expiration Creates Mark-to-Market Opportunity
  • Exempt from Good Cause Eviction Legislation
  • Discount to New Construction Rents
  • Discount to Replacement Cost
  • Superior Physical Asset
  • High Demand / Low Inventory 
  • Most Desirable LIC Neighborhood with Waterfront Park
  • Superior Connectivity to Midtown
Gantry Park Landing 4_Property for Sale
Gantry Park Landing 4_Property for Sale

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Last updated
Jul 1, 2024