Meridian Capital’s New York Institutional Investment Sales Team and Rosewood Realty Group Hired to Sell Amenitized Workforce Housing Building in Elmhurst, Queens
Meridian Capital Group announced today that its Institutional Investment Sales Group, led by Helen Hwang, will jointly market The Lofts @ QB for sale in partnership with Aaron Jungreis of Rosewood Realty Group. Located prominently on Queens Boulevard, The Lofts @ QB, aka 90-02 Queens Boulevard, is a 144-unit, 250,000 square foot mixed-use building in Elmhurst, Queens. The building, which features 100% free market apartments, offers investors a diversified income stream with added upside from lease-up and unit densification.
Converted in 2015, The Lofts @ QB, and adjacent 290-space parking garage which is also included in the offering, offer well-amenitized workforce housing in a transit-oriented neighborhood on the rise. Offering attractive rental rents that are 40% below the Queens waterfront, as well as convenient transportation options to Manhattan, Long Island and Brooklyn via the M and R trains, over 20 bus lines and immediate access to the Long Island Expressway, The Lofts @ QB provides an attractive value proposition to both residential and commercial tenants.
“Well-located, 100% free market workforce housing opportunities with limited capital requirements like this rarely come to market,” said Helen Hwang, Senior Executive Managing Director and Head of Meridian’s Institutional Investment Sales Team. “Because the property is well-leased, a buyer will have an income stream to support their value-add strategies as well as an attractive cash-on-cash yield upon stabilization.”
The Lofts @ QB also contain 120,000 square feet of commercial space across three levels. Featuring nearly 350 feet of frontage on Queens Boulevard, directly across from Queens Center and Queens Place Mall, the property provides a highly visible and accessible location for local businesses and employers. Current tenants within the commercial component of the building include the NYS Department of Labor.
The current owner took over control of the property in 2019 and completed a substantial capital improvement program which included renovating and activating the residential tenant amenities spaces and common areas.