The Cigar Factory
Long Island City, New York
Building
Stats
- Property Type Office - Creative/Loft, Industrial - Flex Space
- Building size (SF) 120,559
- Price $34,900,000
Overview
Avison Young, as exclusive agent, is pleased to offer for sale The Cigar Factory building located at 35-11 9th Street in Astoria, Queens (the “Property”). Situated on a full block-front along 35th Avenue, this former factory building offers 4-stories of creative office space totaling 120,559 rentable square feet. The Property sits on a 42,000 square foot lot with approximately 610 feet of wraparound frontage along 35th Avenue, 10th Street, and 9th Street. In addition to the Property, a 5,010 square foot lot used as a parking area for the office, located a few doors down at 35-31 9th Street (the “Lot”) is also available.
Highlights
Comprehensively renovated former factory building offering aesthetic creative office space
Irreplaceable street presence, with 610 feet of wraparound frontage on full block front
Recent $5.0M in interior upgrades and $1.4M in façade improvements underway
120,559 ± RBA offers immediate scale
55.0% occupancy provides current cash flow
In-place 25-year ICIP tax abatement, with 14 years remaining
Upside rent potential with in-place rents 30% below market
Opportunity Zone
Irreplaceable scale of 2.62 FAR compared to 1.25 as-of-right offers rare canvass for future residential conversion
