Meridian Investment Sales Team on the Market with The Rego Park Portfolio, a Premier Retail Covered Land Play Along Queens Boulevard & 63rd Drive

BY MERIDIAN INVESTMENT SALES FEBRUARY 20, 2025 8:00 AM

Meridian Investment Sales leaders Helen Hwang and Thomas Donovan have teamed up to offer for sale The Rego Park Portfolio – a portfolio of nine retail properties located in the heart of Rego Park, Queens. Totaling approximately 90,000 SF, the portfolio contains a diverse mix of both national and local tenants along a key corridor between Queens Boulevard and 63^rd Drive. With in-place rents nearly 30% below market and a combined development potential of 465,000 SF, the portfolio offers the ultimate covered land play, providing an investor with multiple exit strategies.

Covering three blocks along Queens Boulevard and 63rd Drive, the Portfolio has 34 tenants who benefit from the area’s high pedestrian and vehicular traffic. The bustling retail corridor sees over 53,000 cars daily and is anchored by the 63rd Drive M & R subway station, which serves more than 3 million riders annually. A prime destination for both major franchises and local retailers, this vibrant intersection in Rego Park stands as one of New York’s most sought-after commercial hubs—offering thriving businesses, large shopping centers, and unparalleled accessibility.

“This is a once-in-a-generation opportunity to control six corners within three blocks of a major retail hub,” said Helen Hwang, Head of Meridian Capital Group’s Institutional Investment Sales team. “The flexibility to implement several different playbooks to maximize value is what makes this opportunity truly unique.”

Bordered by Elmhurst to the west and Forest Hills to the east, Rego Park is a vibrant residential and commercial neighborhood in Queens, home to approximately 40,000 residents. With an average household income of $108,000, the area offers an affluent consumer base in Queens. The neighborhood attracts a diverse population, including young professionals drawn to its quick access to Manhattan and families seeking more spacious living. This mix of residents creates a stable demand for both retail and rental spaces, making Rego Park one of the most desirable locations in the borough.

The area’s commercial landscape also continues to thrive, bolstered by the addition of new tenants like Aldi and At Home at the Rego Center mall. Ongoing modernization of retail spaces along 63rd Drive and Queens Boulevard further fuels the area’s growing appeal. Recent notable residential developments, including Trylon Tower, Vista 65, The Alexander, The Pointe, and The Contour, have brought nearly 820 new units to the neighborhood, demonstrating the increasing demand for housing along this rapidly developing corridor. In just the last four years over 1,400 new units have been developed within a 1-mile radius of the Portfolio.

“Rego Park is established among the busiest corridors and fastest growing stretches along Queens Boulevard.” said Thomas Donovan, President of Meridian’s Queens Investment Sales Team. “The buyer will have the rare opportunity to leave a lasting impression on one of the borough’s best neighborhoods.”

Source: Commercial Observer