A three-story office building in Long Island City that has won awards for its design has been listed for sale and could be converted for other uses with a new owner.
The nearly 8,000-square-foot commercial building at 10-09 49th Ave., which is shaped like an “L,” was listed with Ariel Property Advisors for $4.4 million. The first floor has a garage that can fit about eight cars and the upper levels have 5,700 square feet of office space.
Because of its ground-floor parking, which is a challenge to find in Long Island City today, the building will be valuable to owners, because they should be able to charge tenants higher rents.
The average office rent in Long Island City is about $31 per square foot, according to Daniel Wechsler, vice president at Ariel Property Advisors.
But “given the parking and given the location I think you can achieve $45 per square foot,” he said about the building, which is off of the popular Vernon Boulevard.
The building was built specifically for a security company in 2000. Its designer, Scarano Architect, was awarded the NY Council Society of American Registered Architects Merit Award in 2001 and the American Institute of Architects Brooklyn Award of Excellence in 2003 for the design.
The building could also be valuable to investors because it can be converted to a mixed-use structure, subsequently increasing returns. The lease for the current tenant that occupies the second and third floors of the structure will expire in January next year, allowing a possible conversion of the first-floor garage into a retail use.
Asking rents for ground-floor retail near Vernon Boulevard are around $100 per square foot, Wechsler said, which is higher than many markets around the borough. Since the building is off Vernon Boulevard, future owners could see rents near that range if the conversion is made.
“10-09 49th Avenue is a great opportunity for owners or for investors looking to unlock tremendous value by repositioning the ground-floor parking into retail use,” Wechsler said. “With the property strategically located just off the northeast corner of Vernon Boulevard, buyers can quickly capitalize on surging demand for quality retail in the area.”
Wechsler, Michael Tortorici, Victor Sozio and Shimon Shkury are marketing the building for the seller.