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OverviewInvestment HighlightsGalleryLocationContactSign the Agreement
Listing provided by Revere CRE
Besen Partners
92-77 Queens BlvdRego Park, NY 11374
Rego Park | Queens
Asset ClassMixed Use, Retail, Hotel & Hospitality
Cap Rate6.4%
Year Built: 2017Cap Rate: 6.4%Net Operating Income: $2.54 MillionAccess Data Room
100% Net Leased Hotel + Retail Building | Strong Credit + Government Backed Tenant | Queens, NY
overview of deal

Overview

Besen Partners, as the exclusive agent for Ownership, is offering for sale a 100% net-leased mixed-use property located at 92-77 Queens Blvd, Rego Park, NY 11374. This 61,780 SF building, built in 2017, formerly operated as the Wyndham Garden LaGuardia South and consists of a 50-key hotel, parking garage and a retail component anchored by high-quality tenants, including Retro Fitness, Starbucks, and a government-backed entity. The asset includes benefits from an ICAP tax abatement, significantly reducing tax liabilities and enhancing cash flow. The property operates under a ground lease with an initial 99-year term starting in July 2013, leaving 86 years remaining, offering long-term stability for investors. Located in a prime, high-traffic area, the property is near key demand generators such as Queens Center Mall, major transportation hubs, and LaGuardia Airport, ensuring consistent foot traffic and strong market fundamentals.

 

 

 

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Investment Highlights

The property’s retail mix includes government backed, stable, long-term tenants that provide consistent cash flow:

 

  • Community Housing Innovations (CHI): A government-backed non-profit, CHI occupies 19,000± SF and provides affordable housing services. With a secure 9-year lease through May 2032, CHI offers long-term stability and consistent revenue for the property. Lease has 3 Options of 9 Years for a total of 27 Years.

 

  • Starbucks (2,461 SF): Prime corner location with a drive-thru, rare for this area. The lease runs through 2026, with four 5-year renewal options and a corporate guarantee.

 

  • Retro Fitness (20,524 SF): Anchors the retail space and includes complimentary access for hotel guests, adding value to the hotel component. Lease runs through 2027, with two 5-year renewal options.

 

  • Parking Garage (18,374 SF): Managed by Target Park, providing essential parking for both hotel guests and retail visitors, a rarity in high-density areas.

 

Lease Structure and Stability

The retail leases are triple-net (NNN), minimizing landlord expenses. Community Housing Innovations (CHI) being government backed, offers long-term stability, with built-in rent escalations and favorable renewal options that ensure predictable future revenue growth

Photo Gallery

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92-77 Queens BlvdRego Park, NY 11374
Rego Center Mall (0.3 miles): Over 100 major retailers like Macy’s and Costco
Queens Center Mall (1.5 miles): One of the largest shopping malls in the U.S.
Mount Sinai Queens Hospital (1.2 miles): Major medical center and employer.
LaGuardia Airport (1.5 miles): Drives consistent lodging demand, with 30 million passengers annually.
Additionally, the property benefits from easy access to Interstate 495 and Queens Boulevard, and is just two blocks from the 63rd Drive/Rego Park Subway Station, making it easily accessible to both local and regional visitors.

Sales Team

Anudeep GosalSenior Director, Hotel Advisory Group(646) 604-7020agosal@besenpartners.com
Ron CohenChief Sales Officer(646) 424-5317rcohen@besenpartners.com
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Listing provided by Revere CRE