5-12 51st Avenue Setup
The subject is a high-end modern 5-unit condo building uniquely redesigned by Asa Barak Studios and currently in the late stages of construction. As work is ongoing, the property is intended to be delivered finished with a TCO in place, but can be delivered as-is subject to buyer’s preference. The first floor and cellar floor are configured as a 2,422 square foot duplex (of which 1,050 square feet is downstairs “recreational space”) with a 289 square foot patio and a 600 square foot rear yard. The second floor is split into two units, a 743 square foot studio (2A) and a 641 square foot one-bedroom. The third floor is a 1,402 square foot two-bedroom and the fourth floor is a 1,045 square foot two-bedroom with a 350 square foot front terrace. All units include high ceilings and radiant heated flooring, and the upper floors offer Manhattan views. Building amenities include a security system, very large windows offering extra light and air and a rooftop deck. Upon completion an investor can sell the condominiums for a total value of $6,515,000 (see Schedule A on next page) or rent the units for a projected gross income of $310,890. The property also benefits from the 421a tax abatement program. A Condominium offering plan has been approved by the Attorney General’s office and amended plans have been submitted to the DOB.
The property’s location, just 1.5 blocks from the 7 train (1st Stop out of Manhattan’s Grand Central Station), is considered one of the most desirable and valuable markets in Western Queens. In addition to the subway, the property benefits from ferry access, the mixed-use shopping district on Vernon Boulevard, and Gantry State Park. Floorplans and interior photos are included in an offering memorandum available on request.