10-07 Hartman Lane & 31-41 Healy Lane, Queens, NY 11691
10-07 Hartman Lane & 31-41 Healy Lane, Queens, NY 11691
Norton Drive, Waterview Street & Hartman Lane
Far Rockaway
Far Rockaway | Garden Style Portfolio
| Asking Pricing | $11,250,000 |
|---|---|
| Type | Garden Style Complexes |
| Neighborhood | Far Rockaway |
| Size | 98,718 SF |
| Units | 112 |
Investment Highlights:
The Far Rockaway Portfolio includes two 2-story garden-style complexes with 98,718 SF combined, 112 apartments, and parking. Located in the Bayswater neighborhood of Far Rockaway, Queens, the properties reside in a highly desirable location with proximity to multiple beaches. Nearby subway access at Beach 25th Street [A] train and the Far Rockaway Long Island Railroad station. This investment opportunity offers significant rental upside to a new investor with approximately $404,942 in preferential rents. In addition, ownership has spent $1M on capital improvements over the past 18 months. There are 17 vacant apartments (14 at 10-07 Hartman Lane & 3 at 31-41 Healy Avenue) that require renovations and may be rented to program tenants, which yield higher allowable rents through rent subsidies (Section 8, FHEPS, and City FHEPS).
