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40-31 82nd StElmhurst, NY 11373
The Shoppes at 82nd Street
Asset ClassRetail
Square Feet82,564
overview of deal

Overview

Paramount Realty Services Inc. and Institutional Property Advisors exclusively offers jointly The Shoppes at 82nd Street, an 82,564 square foot shopping center located in the Jackson Heights submarket of Queens, New York. Built in 2020, this rare to market Target anchored shopping center is located across the Jackson Heights & Elmhurst neighborhoods, the two most densely populated areas in the borough with 78,000 residents within half a mile & 228,000 in the one-mile radius of the center. The property benefits from its location adjacent to Roosevelt Avenue (11k VPD), the area’s major commercial/retail artery, providing strong pedestrian foot traffic to the subject’s ground floor retail tenants. High foot traffic counts at the center are supported by its proximity to 82nd Street Station, which offers the 7-train subway line servicing 2.4 million riders annually, within the immediate block.

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Investment Highlights

  • 82,564 square foot, fully leased destination retail center offering best-in-class tenancy, located in the primary shopping district of the two most densely populated neighborhoods within Queens, Jackson Heights and Elmhurst
  • Rare opportunity to purchase a newly constructed fee-simple shopping center in the boroughs of New York City anchored by a small-format Target (S&P A rated) on lease
  • Highly desired 137 car parking garage included in the offering leased to a regional operator, providing for one FMV option in 2033
  • Co-anchored by Emblem Health & Northwell Health (Moodys A3 rating), one of the United States’ largest health plans having over three million members and New York’s largest private employer with 105k+ employees
  • Strong quick service restaurant lineup complimenting the anchor tenants in Starbucks, Chipotle, Smashburger, and industry leader Chick-Fil-A
  • Attractive 25-Year NYC Tax Abatement (ICAP) in place until 2046 providing real estate taxes at 23% of market to assist in rent growth and tenant retention
  • Within immediate block to 82nd Street Subway Station serving over 2.4 million riders annually and one block to the 545 bed Elmhurst Hospital, a nationally ranked medical provider that has over a million visits a year and is one of the largest employers in the boroughs of NYC
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40-31 82nd StElmhurst, NY 11373

Exclusively Listed By

Brad NathansonInvestment Advisor - Paramount Realty Services Inc. (609) 892-4552bn@paramountrealty.com
Steve SiegelInvestment Advisor -Institutional Property Advisors(646) 996-3709ssiegel@ipausa.com
Michael HelpernDebt Advisor - Helpern REIDs LLC

License #: NY 10491205185

917-582-4034michael@hreids.com
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Listing provided by Revere CRE