The subject property is a retail center located at the northwest corner of 14th Ave and 132nd Street in College Point, Queens. The center is comprised of 12,653 SF of above-grade retail space, plus 4,479 SF of below-grade space with direct at-grade vehicular access via overhead door on 132nd Street (currently occupied by Merit Cars), providing ceiling heights and access conditions ideal for automotive, warehouse or service-related uses.
The center is anchored by Chase Bank, which has total deposits of $272 million. The center is currently 74% leased and has one vacant medical space totaling 3,771 SF (formerly ProHealth). Above-grade retail tenants reimburse taxes, CAM and insurance as additional rent. Three tenants currently paying below market rent, offering investors an opportunity for near term upside.