50 Glen StGlen Cove, NY 11542
50 Glen Street
Asset ClassOffice, Retail, Mixed Use
50 Glen Street
Overview
- Stabilized Income at 100% Occupancy. In place NOI of $510,724 at a 68.1% margin is spread across more than 70 tenants and three complementary revenue lines (retail, coworking, and executive suites), sharply reducing single tenant rollover risk and delivering resilient, diversified cash flow.
- Institutional Operating Partner with Limited Landlord Burden. The Regus (IWG) operating agreement covers 16,541 square feet through 2035 with auto renewing five- year options, with Regus absorbing all operating costs and ownership participating in a defined client net revenue waterfall, producing operator managed income and asset level control including a six-month new owner termination right.
- Credit Backed Retail with Built in Growth. Three street level retail tenants carry full personal guarantees, 3% to 4% annual escalations, and full tenant responsibility for utilities, insurance, and repairs, insulating net cash flow and providing contractual rent growth with minimal ownership expense exposure.
- Attractive Basis in a Supply Constrained Gold Coast Submarket. Pricing sits inside the roughly $264 per square foot weighted average of recent Nassau and northern Queens sale comparables, offering a going in yield with embedded mark to market, lease up, and repositioning optionality in a high barrier downtown Glen Cove location.
50 Glen StGlen Cove, NY 11542
Sales Team
Listing provided by LightBox Revere