Pearson Court Square
Long Island City, NY
Property Website
Building
Summary
- # Units 197
- # Stories 15
- Rentable SF 121,190
- Site Area 28.62K SF
Avison Young, as the exclusive agent, is pleased to offer for sale 45-50 Pearson Street (the “Property” or “Pearson”), also known as “Pearson Court Square,” located in the Court Square area of Hunters Point in Long Island City, Queens, NY. This 15-story, luxury multifamily elevator building was completed in 2012 with a 15-year 421a tax abatement that expires in June 2027. The Property consists of studio, one-bedroom, and-two bedroom layouts across 197 residential units, 25 resident parking spaces, and an array of amenities across approximately 142,398 gross square feet.
Highlights
Luxury Doorman Elevator Building
Near-Term 421A Expiration (100% Mark-to-Market Upside Upon Expiration of Abatement)
2012 Construction (Exempt from Good Cause Eviction)
Strong In-Place Cash Flow + Value-Add Upside
14% Rent Discount from In-Place Rents to Market Comparables ($67/SF vs. $78/SF)
Located in the Most Desirable Neighborhood in Queens
Team
Erik Edeen
Principal, Director of Investment Sales Operations
Avison Young - US - NY - New York
203 927 7480
James Nelson
Principal, Head of Tri-State Investment Sales
Avison Young - US - NY - New York
917 362 1485
Brandon Polakoff
Principal, Executive Director of Tri-State Investment Sales
Avison Young - US - NY - New York
212 230 5998