Modern 25-Story, 380-Unit Institutional Tower
$148,000,000
147-36 94th Avenue, Jamaica, NY 11435
373,632 sqft
Building Size
25,042 sqft
Lot Area
Details:
Description:
Investment Highlights
Institutional Scale and Modern Efficiency
• 380 residential units offering significant management economies of scale and minimizes operational volatility
• 25 story asset built in 2018 requiring minimal immediate capital expenditures
Strategic Regulatory Advantage & Upside
• Regulatory agreement includes the crucial 610 Amendment, which allows for rent mark-ups on subsidized voucher units
• Strong voucher-backed stability with 122 current voucher units
Long-Term Tax Protection
• Benefits from a long-term Article XI real estate tax abatement, providing material protection from future real estate tax reassessments through 2059, subject to ongoing compliance with applicable regulatory requirements
• Article XI status materially enhances long-term cash flow stability and improves downside protection in periods of rising operating costs or tax rate volatility, while remaining transferable to a new owner in connection with a sale
Robust Amenities & Infrastructure
Equipped with an extensive amenity package, including a 105-space parking garage, fitness centers, residents’ lounges, a children’s playroom, and a 190-space bike room
Federal Low Income Housing Tax Credits
Anticipation of generating additional tax credits until 2029
Unparalleled Transit Connectivity
• Situated at a premier transit hub, providing immediate access to the LIRR, JFK AirTrain, and multiple subway lines (E, J, Z)
• Boasts a near-perfect Walk Score, placing tenants within steps of essential retail, dining, and cultural amenities
Accretive Assumable Financing
Attractive existing $122M HDC mortgage stack with favorable interest rates as low as 2.22% maturing in 2059
Epicenter of the Jamaica Neighborhood Plan
The asset sits at the heart of the recently approved 230-block rezoning and recent $413 million commitment in city-secured funding for local infrastructure to renovate the Jamaica Avenue retail corridor, redevelopment of Station Plaza, and sewer and green infrastructure upgrades
Documents:
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Location
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