Meridian Capital Group
Meridian Investment Sales

37-40 27th Street, Queens, NY 11101

37-40 27th Street, Queens, NY 11101

Located Between 37th and 38th Avenues Steps from the N and W Trains at 39th Avenue - Beebe Avenue

Long Island City

33,935 GSF Boutique Luxury 32-Unit Elevator Building With Long-Term 421A and ICAP Tax Benefits

Type Mixed-Use
Neighborhood Long Island City
Properties One Property
Lot Size 7,455 Square Feet
Zoning Code M1-2 / R6A
Size 33,935 SF
Stories Seven Stories
Units 32 Units

Investment Highlights:

Meridian Investment Sales is pleased to present exclusively for sale Talo 38 located at 37-40 27th Street, a recently constructed luxury boutique seven-story 32-unit building with 3,663 SF of ground floor commercial space well situated in prime Long Island City. The 23,677 RSF building was completed in 2016 and the residential condominium portion benefits from a 421a tax exemption expiring in 2034 and the commercial condominium portion benefits from a 25-year ICAP expiring in 2045. Talo 38 also features 16 covered parking spaces in a densely populated residential enclave minutes from New York City with significant demand and limited supply. Long Island City has emerged as a choice destination for residents seeking affordable luxury living just minutes from Midtown Manhattan. Further, given the significant term remaining on the 421a and ICAP tax benefits, investors will enjoy below market real estate taxes ensuring steady and strong cash flow. Upon expiration of the 421a tax exemption, investors will be able to substantially increase rents with minimal capital required.