Jones Lange Lasalle is pleased to present a premier mixed-use commercial development located at 23-20 Jackson Avenue in the heart of Long Island City.
ICAP TAX SAVINGS
The Property currently benefits from a 25 Year Industrial & Commercial Abatement Program (ICAP) which provides abatements for property taxes for 25 years. To be eligible, industrial, and commercial buildings must be built, modernized, expanded or otherwise physically improved.
ATTRACTIVE GROUND LEASE AGREEMENT
The property sits on favorable 99-year ground lease that does not include any fair market resets for its entire term and consists of only fixed, predetermined rental rate increases. This predictable schedule of ground lease payments provides stable and steadily increasing cash flow.
Situated on a prime corner-lot, in the heart of LIC, the property is positioned to take full advantage of everything Jackson Avenue has to offer. Popular retailors within walking distance include Trader Joes, Target, Starbucks, and Chipotle. Neighborhood favorites include Levante, Indie LIC, and Jora. The property is also in close proximity to many art studios, public parks, and schools.
CONVENIENT ACCESS TO MASS TRANSIT
23-20 Jackson is just steps away from the Court Square E G M 7 subway station, providing tenants with easy access to Midtown Manhattan within 10-minutes.
QUALITY TENANT BASE | APPROXIMATELY 95% LEASED
23-20 Jackson Avenue is home to the renowned global hospitality company Sonder and the national real estate broker Compass. Additionally, The Tippler, a well-known New York based cocktail bar, has leased the cellar and rooftop space. All are high-quality, established, and flourishing businesses.
FAVORABLE UNDERLYING RESIDENTIAL ZONING (R7-3)
Zoning allows the existing space to be converted to residential use.