Grandstone Investment Sales is pleased to exclusively present for sale this trophy asset located in Plainview, NY. This Class A multi-story stabilized asset features 94,743 NRSF with 945 climate-controlled units and 17 uncovered parking spaces. Located along the Long Island Expressway with visibility to 172,000 cars daily, this property benefits from a 15-year tax abatement program and a geothermal heating and cooling system that significantly reduces utility costs. Situated 20 miles from Manhattan, the facility is surrounded by strong demographics, with 81,000 people within 3 miles and 231,000 people within 5 miles, and median household incomes of $165,000 and $147,000, respectively. The area is experiencing a tremendous amount of multifamily construction, with 1,670 units under construction within a 5-mile radius, yet there are no new sites in the construction pipeline. With full occupancy at 95.66%, the facility offers significant upside potential through continued aggressive ECRI.
INVESTMENT
HIGHLIGHTS
• Class A Multi- Story Stabilized Long Island Asset (Plainview, NY)
• 94,743 NRSF | 945 CC Units | 17 Uncovered Parking Spaces
• Incredible Visibility Along the Long Island Expressway –
172,000 Cars Daily
• Advantages 15 Year Tax Abetment Program
• Geothermal Heating & Cooling System which Significantly
Reduces Utility Cost
• Tremendous Amount of Multifamily Construction in the 5 Mile
Radius (1670 Multifamily Units Under Construction)
• Very Strong Demographics on the 3 & 5 Mile | 3 Mile 81,000 ppl. Median
Household Income of $165,000 | 5 Mile 231,000 ppl. Median Household
Income of $147,000
• Strong Projected Population Growth – 4% Growth in the Next 5 Years
Upside – Facility Has Hit Full Occupancy 95.66% and Operator Can Continue
Aggressive ECRI
Brian Brockman | Bang Realty-New York Inc | bor@bangrealty.com | License: 10311208985
