Thomas Donovan of Massey Knakal Realty Services, the exclusive agent on the property, tells GlobeSt.com that the seller does not hold its properties for the long term. "It buys them, renovates them, and sells them," he says. Galway completely gut renovated the professional building, and so far, there has been strong interest, Donovan says, noting that they spent a total of approximately $12.5 million on renovations.
The property, which contains 87,400 sf, is ideally located close to Queens Hospital Center and St. John's University with access to public transportation, Donovan says. "A highly desirable property such as this with regularly scheduled rent increases are hard to find," Donovan says.
The building is 100% occupied by tenants containing long-term leases with scheduled increases. The tenant roster includes Medical Arts which has a lease in place until 2037 with a 10% rent increase every five years and HeartShare with a lease until 2018 and a 4.5% rent increase every year.
The building renovation includes brand new roofing, mechanical, electrical, fire safety and HVAC systems. The hallways, bathrooms, common areas and industrial kitchen have been renovated. The elevators have been completely rebuilt with new equipment and cabs.
Donovan tells GlobeSt.com that "strictly investors would be interested in this building." The bid deadline is June 17th.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
