NEW YORK CITY—A former cigar factory—now in use as an office and loft building—has come up for sale in the Long Island City section of Queens.
The 102,670-square-foot office/loft building, constructed in 1896 as the home of DeNobili Cigars, is being marketed by Modern Spaces' Evan Daniel and Edward DiTomasso of the firm's commercial and investment property group. Located at 35-11 9th St., the historic building boasts 91% occupancy is just one block from Long Island City's rejuvenated waterfront and includes an accessory lot at 35-31 9th St. The property is considered to be well-suited as an investment opportunity or for residential conversion.
Built in 1896, the four-story loft building houses 57 commercial units and two cell towers. As an investment opportunity, it woulf deliver an NOI of over $1 million and possesses tremendous room for rent growth as there is high office demand coming from Roosevelt Island, where the new Cornell Tech Campus will be constructed.
For a residential conversion, the property features 12 to 20 foot ceilings and unique architectural features such as exposed beams, arched windows and hardwood floors. The adjacent lot boasts more than 6,000 square feet of buildable land and sits within an R5 zoning district.
“The pace of development in Long Island City is showing no signs of slowing. Not only does this property enjoy a current high occupancy, but with the R5 zoning and accessory lot, it holds a great deal of promise for a residential conversion,” says Evan Daniel, EVP. “On the office market front, Long Island City continues to evolve and we anticipate high demand for office space including substantial rent growth, which will only further escalate as the Cornell Tech campus is developed on Roosevelt Island.
In terms of location, the building and lot are close to major subway lines that provide direct access to Manhattan and across Queens, the Triboro Bridge and I-278, the Queensboro Bridge, and the Brooklyn/Queens Expressway. The property lies near Vernon boulevard which stretches into Astoria and connects to Brooklyn. It's also close to 36th avenue, which connects to Roosevelt Island.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
