Overview
Stonefield Real Estate has been exclusively retained to market 179-24 Union Turnpike, a newly constructed and fully occupied retail asset located in the Fresh Meadows neighborhood of Queens, NY.
The single-story retail building consists of four fully leased commercial units totaling approximately 15,909 rentable square feet. Situated on a 14,000 square foot corner lot, the property features modern steel-frame construction completed in 2024, with structural capacity for vertical expansion. The asset includes 11 on-site parking spaces and a finished, leasable cellar with elevator access. Fully occupied by service-based tenants under net leases with scheduled escalations and personal guarantees, the building generates stable cash flow with zero deferred maintenance.
Investment Highlights
Brand New Construction
• Delivered in 2024 with modern steel-frame design engineered for vertical expansion
• Fully leased, including a turnkey cellar space with private elevator access
• Zero deferred maintenance with roof, structure, parking lot, and mechanical systems all brand new.
Strong Tenancy & Stable Cash Flow
• 100% occupied by four service-based tenants
• Long-term leases featuring scheduled rent escalations and personal guarantees
• Net leases with tenant reimbursements for property taxes and common area maintenance
Prime Fresh Meadows Location
• Prominent Union Turnpike frontage with high daily traffic
• Close proximity to St. John’s University
• Surrounded by dense residential neighborhoods
Favorable Tax Abatement Structure
• In process of securing a 15-year ICAP tax abatement
• Payable property taxes are projected to begin at $77,245 in Year 1 (26/27) and gradually increase as the abatement phases out
• Full abatement benefits remain constant for the first 11 years, with a phased reduction over Years 12 through 15
Photo Gallery
RETAIL INVESTMENT SALES
215-15 Northern Boulevard, Suite 304, Bayside, NY 11361