Living / Multi-housing

Dutch House

3705 30th St, Long Island City, NY, 11101-2613, US

Dutch House_Property for Sale

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Asset description

Jones Lang LaSalle (“JLL”) has been exclusively retained to market for sale Dutch House (the “Property”) an 7-story mixed-use property located in Long Island City, the most desirable submarket in Queens. The Property’s 186 units are 70% market rate and 30% affordable at 130% of AMI including 44 studios, 126 one-bedrooms, and 16 two-bedrooms. The market rate portion of the building leased-up in 3 months averaging about 40 leases per month with the initial 25 leases averaging $64/SF and the last 25 leases achieving $71/SF indicating 11% rent growth over the course of 80 days. There is also 11,067 SF of retail and 10,344 SF of manufacturing space, which is 81% leased and leased on-site parking with a total of 131 spaces. The Property benefits from a 421-A 35-year tax abatement known as Affordable New York, offering long term tax savings.

Attributes

Number of units
186 units
Occupancy
70.00%
Year built
2022
Building area gross
186,043 sf

Investment highlights

  • Upside in Rent
  • 35-Year Tax Abatement
  • Quick Commute
  • Top Notch Product and Amenities

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Last updated
Nov 30, 2022