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14736 94th Ave
Jamaica, NY 11435
Alvista Towers · Multifamily Property For Sale
·
380 Units
Investment Highlights
- 380 residential units offering significant management economies of scale and minimizes operational volatility.
- Benefits from a long-term Article XI real estate tax abatement, providing material protection from future real estate tax reassessments through 2059.
- Situated at a premier transit hub, providing immediate access to the LIRR, JFK AirTrain, and multiple subway lines (E, J, Z).
- Regulatory agreement includes the crucial 610 Amendment, which allows for rent mark-ups on subsidized voucher units.
- Equipped with an amenity package, including a 105-space parking garage, fitness centers, lounges, a children’s playroom, and a 190-space bike room.
- Attractive existing $122M HDC mortgage stack with favorable interest rates as low as 2.22% maturing in 2059.
Executive Summary
Alvista Towers presents a rare opportunity to acquire a modern, institutional-quality multifamily asset in the heart of Jamaica, Queens. Completed in 2018, this 25-story property comprises 380 residential units and offers significant operational efficiencies with minimal near-term capital requirements. The asset benefits from long-term Article XI tax protection through 2059, providing substantial downside risk mitigation and cash flow stability. Additional value is supported by regulatory agreements allowing rent mark-ups on subsidized voucher units, creating strong income durability and upside potential. Positioned within one of New York City’s most connected transit hubs, Alvista Towers offers immediate access to the LIRR, JFK AirTrain, and multiple subway lines, ensuring sustained tenant demand. The property is further enhanced by robust amenities, including a parking garage, fitness centers, lounges, and bike storage. With its scale, tax advantages, and prime location, Alvista Towers is a compelling investment in a rapidly growing submarket.
Property Facts
| Price Per Unit | $529,883 CAD | Lot Size | 0.58 AC |
| Sale Type | Investment | Building Size | 576,433 SF |
| No. Units | 380 | Average Occupancy | 95% |
| Property Type | Multifamily | No. Stories | 26 |
| Property Subtype | Apartment | Year Built | 2018 |
| Apartment Style | Hi-Rise | Parking Ratio | 0.15/1,000 SF |
| Building Class | A | Opportunity Zone |
Yes
|
| Zoning | C6-4 - districts permit a wide range of high-bulk commercial uses requiring a central ¬location | ||
| Price Per Unit | $529,883 CAD |
| Sale Type | Investment |
| No. Units | 380 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Hi-Rise |
| Building Class | A |
| Lot Size | 0.58 AC |
| Building Size | 576,433 SF |
| Average Occupancy | 95% |
| No. Stories | 26 |
| Year Built | 2018 |
| Parking Ratio | 0.15/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | C6-4 - districts permit a wide range of high-bulk commercial uses requiring a central ¬location |
Amenities
Unit Amenities
- Heating
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Tub/Shower
- Freezer
Site Amenities
- Business Center
- Fitness Center
- Laundry Facilities
- Doorman
- Wi-Fi
- Bicycle Storage
- Lounge
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 130 | - | 544 |
| 1+1 | 130 | - | 708 |
| 2+2 | 120 | - | 984 |
Property Taxes
| Parcel Number | 09999-1001 | Improvements Assessment | $1,478,889 CAD |
| Land Assessment | $43,625 CAD | Total Assessment | $1,522,514 CAD |
Property Taxes
Parcel Number
09999-1001
Land Assessment
$43,625 CAD
Improvements Assessment
$1,478,889 CAD
Total Assessment
$1,522,514 CAD
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