183-11 Hillside Avenue, Queens, NY 11432
183-11 Hillside Avenue, Queens, NY 11432
Jamaica Estates
Park Towers East | Immaculate Condition | 1962 Construction
| Type | Multifamily |
|---|---|
| Neighborhood | Jamaica Estates |
| Properties | One Property |
| Size | 139,143 SF |
| Stories | 12 stories |
| Units | 163 Units |
Investment Highlights:
1962 CONSTRUCTION
Park Tower East was built in 1962 and is owned by the original builder. The Property offers an investor a sizeable asset with 139,143 square feet and boast spacious and sunlit apartments on all four sides of the building. Ownership has continually updated and amenitized the building over the past 60+ years including a gym, landscaped courtyard and upgraded common areas. In addition, the building offers a part-time doorman and an indoor parking garage.
PREFERENTIAL RENT UPSIDE
The average monthly rent in Park Tower East is $1,561 per month. Currently the legal rents are approximately $570,000 higher than the rents representing 25% rental upside for a new investor. Upon unit turnover, the respective rent for an apartment with a preferential rent may be raised to the legal registered rents.
DURABLE CASH FLOW
Of the 163 units, 26 are free market representing 16% of the building. This is especially attractive in light of the passing of the stringent HSTPA rent laws in 2019. In addition, the Property has additional income coming in from five medical spaces which are occupied by a pediatrician, physical therapist and dentist as well as parking, antenna and gym income.
LOCATION
The Property is located in Jamaica Estates which combines suburban living with the convenience of urban amenities. The neighborhood is served by several subway lines including the E, F, J and Z trains and Park Tower East located approximately 1.5 miles from the Long Island Railroad Station. Nearby parks include Cunningham Park, Flushing Meadow-Corona Park, Ally Pond and Kissena Park. The Property is also close to St. Johns University, Queens College and York College.
