Contacts
Stephen R. Preuss
RIPCO Real Estate
(718) 663-2639
Andreas Efthymiou
RIPCO Real Estate
(718) 663-2643
Christian Allimonos
RIPCO Real Estate
(718) 663-2651
Property Details
- Property Type Special
- Property Size 24,000 SF
- Lot Size 18,213 SF
- Date Updated Apr 26, 2024
99-Year Leasehold with No FMV Resets Tenant: Growing Up Green Charter School New 32-Year NNN Lease In Place
INVESTMENT HIGHLIGHTS #1 BUILDING BREAKDOWN • ~24,000 sq. ft, three-story, middle school, grades 6-8 • Gymnasium with regulation sized basketball court, science laboratories, specialty art rooms and outdoor play area • TCO is anticipated in January 2023, with the school taking possession July 1, 2023 #2 TENANT BREAKDOWN • Growing Up Green Charter School • 32-year, NNN lease • Four additional current locations in Queens • Landlord is responsible for roof and structure • Tenant is responsible for maintaining building systems, outdoor space including snow/ice removal, landscaping and all fixtures/appurtenances #3 LEASEHOLD BREAKDOWN • 99-year leasehold • No FMV resets (unless upzoning occurs) • Estimated minimum gross rent at year 1 shall be $1,475,296.20 • Gross rent is derived from 30% of the Per Pupil Funding ("PPF") multiplied by the fixed student enrollment • The 30% PPF is estimated to be $5,287.80 and enrollment shall be 279 students #4 BUDGET BREAKDOWN • Annual rent increases shall be determined by the New York State Legislature in its annual approved budget for all New York State public charter schools • Historically, the 5-year average budget increase is 3.13%
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Getting around
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85/100
Walk Score ®
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83/100
Transit Score ®
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87/100
Bike Score ®
Location
- City Queens, NY
- Neighborhood LIC
- Zip Code 11106
- Market Queens
Points of Interest
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Broadway
0.74 miles
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36th Avenue
0.74 miles
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21st Street–Queensbridge
0.74 miles
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Roosevelt Island
0.83 miles
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39th Avenue
0.88 miles
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30th Avenue
0.93 miles
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Queensboro Plaza
0.97 miles
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36th Street
1.03 miles
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Midtown Operating
1.04 miles
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72nd Street & 2nd Avenue at Southeast Corner
1.04 miles
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Citgo
0.35 miles
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BP
0.39 miles
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Mobil
0.39 miles
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Shell
0.50 miles
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Atlantic
0.58 miles
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Lukoil
0.69 miles
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plugNYC
0.81 miles
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Mobil
0.84 miles
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Sunoco
0.92 miles
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ChargePoint
0.99 miles
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Motorgate Public Parking Garage
0.38 miles
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Surrey Garage
0.79 miles
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Astoria Park Parking
1.17 miles
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iClean
1.20 miles
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Knickerbocker Plaza Car Park
1.31 miles
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Astor Terrace Parking Garage
1.37 miles
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Quik Park
1.37 miles
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LaGuardia Community College Parking Lot
1.40 miles
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Quik Park
1.44 miles
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Central Parking System of New York, Inc.
1.49 miles
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Super 8
0.32 miles
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Baymont
0.36 miles
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Hotel Nirvana
0.38 miles
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Comfort Inn
0.48 miles
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Giorgio Hotel
0.56 miles
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Mayflower Howard Johnson Hotel
0.58 miles
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Wingate by Wyndham Long Island City
0.58 miles
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Best Western Plaza
0.61 miles
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Sleep Inn Hotel
0.61 miles
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Lotus BLU Inn & Suites
0.63 miles
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Foodtown
0.41 miles
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Food store
0.43 miles
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City Fresh Market
0.46 miles
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Bravo
0.48 miles
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Trade Fair
0.56 miles
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Bonoful Grocery
0.66 miles
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C-Town
0.67 miles
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Family Market
0.69 miles
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Fine Fare
0.70 miles
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Key Food
0.72 miles
In-Depth Research Available for this Property
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