The Calmar
Rego Park, New York
Building
Stats
- Property Type Office - Executive Suites, Retail - Retail Condo, Multifamily - Mid-Rise
- Building size (SF) 57,082
- Price $16,000,000
Overview
Avison Young has been engaged by ownership as the exclusive agent to sell 92-40 Queens Boulevard, ‘The Calmar,' in the Rego Park submarket of Queens (the “Property”). This mixed-use residential building encompass 68,700± total gross square feet across 61 residential units, 5 retail tenants, and 2 commercial occupants, along with a laundry room and an additional 16 garage stalls.
Highlights
Long term ownership
Exceptionally well-maintained property
Approximately 88.5% rent stabilized and 98% occupied
Stable cash-flow
Low capex requirement for an incoming investor
Close proximity to both Subway and LIRR transit options via the 63rd Drive - Rego Park subway stations (M,R,E) and Elmhurst/Forest Hills LIRR stations
Favorable agency financing available
Since the beginning of COVID, the average rent across all newly leased units was $26 PSF, which is in-line with market averages
