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45-50 Pearson StLong Island City, NY 11101
Pearson Court Square
Asset ClassMultifamily
overview of deal

Overview

Avison Young, as the exclusive agent, is pleased to offer for sale 45-50 Pearson Street (the “Property” or “Pearson”), also known as “Pearson Court Square,” located in the Court Square area of Hunters Point in Long Island City, Queens, NY. This 15-story, luxury multifamily elevator building was completed in 2012 with a 15-year 421a tax abatement that expires in June 2027. The Property consists of studio, one-bedroom, and-two bedroom layouts across 197 residential units, 25 resident parking spaces, and an array of amenities across approximately 171,637 gross square feet.

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Investment Highlights

# Units
197
Rentable SF
121,190
# Stories
15
Site Area
28.62 K Sq. Ft
  • Luxury Doorman Elevator Building
  • Near-Term 421A Expiration (100% Mark-to-Market Upside Upon Expiration of Abatement)
  • 2012 Construction (Exempt from Good Cause Eviction)
  • Strong In-Place Cash Flow + Value-Add Upside
  • 14% Rent Discount from In-Place Rents to Market Comparables ($67/SF vs. $78/SF)
  • Located in the Most Desirable Neighborhood in Queens
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45-50 Pearson StLong Island City, NY 11101

Sales Team

James NelsonPrincipal, Head of Tri-State Investment Sales(212) 729-6585james.nelson@avisonyoung.com
Patrick MadiganDirector, Investment Sales at Avison Young(212) 729-1623patrick.madigan@avisonyoung.com
Brandon PolakoffPrincipal, Executive Director of Tri-State Investment Sales(212) 230-5998brandon.polakoff@avisonyoung.com
Joseph MoranAssociate Director212 858 9647joseph.moran@avisonyoung.com
Scott SingerPrincipal, Co-Lead of Tri-State Debt & Equity Finance212 735 8555scott.singer@avisonyoung.com
Andy SingerPrincipal, Co-Lead of Tri-State Debt & Equity Finance212 735 8558andy.singer@avisonyoung.com

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Listing provided by Revere CRE