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17924 Union Tpke 16,940 SF 90% Leased Retail Building Fresh Meadows, NY 11366 $12,467,160 CAD ($735.96 CAD/SF) 6.17% Cap Rate
Executive Summary
*PLEASE READ - DEAL PAGE & DATA ROOM LINKS BELOW*
.
Stonefield Real Estate has been exclusively retained to market 179-24 Union Turnpike, a newly constructed, fully occupied retail asset located in the Fresh Meadows neighborhood of Queens, NY.
.
Brand New Construction
• Delivered in 2024 with modern steel-frame design engineered for vertical expansion
• Zero deferred maintenance with roof, structure, parking lot, and mechanical systems all brand new
.
Strong Tenancy & Stable Cash Flow
• 100% occupied with long-term leases, net charges, rent escalations, and personal guarantees
.
Prime Fresh Meadows Location
• Prominent Union Turnpike frontage with high daily traffic
• Close proximity to St. John’s University
• Surrounded by dense residential neighborhoods
.
Favorable Tax Abatement Structure
• In process of securing a 15-year ICAP tax abatement
• Payable property taxes are projected to begin at $77,245 in Year 1 (2026/2027) and gradually increase as the abatement phases out
• Full abatement benefits remain constant for the first 11 years, with a phased reduction over Years 12 through 15
.
Stonefield Real Estate has been exclusively retained to market 179-24 Union Turnpike, a newly constructed, fully occupied retail asset located in the Fresh Meadows neighborhood of Queens, NY.
.
Brand New Construction
• Delivered in 2024 with modern steel-frame design engineered for vertical expansion
• Zero deferred maintenance with roof, structure, parking lot, and mechanical systems all brand new
.
Strong Tenancy & Stable Cash Flow
• 100% occupied with long-term leases, net charges, rent escalations, and personal guarantees
.
Prime Fresh Meadows Location
• Prominent Union Turnpike frontage with high daily traffic
• Close proximity to St. John’s University
• Surrounded by dense residential neighborhoods
.
Favorable Tax Abatement Structure
• In process of securing a 15-year ICAP tax abatement
• Payable property taxes are projected to begin at $77,245 in Year 1 (2026/2027) and gradually increase as the abatement phases out
• Full abatement benefits remain constant for the first 11 years, with a phased reduction over Years 12 through 15
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront
Building Size
16,940 SF
Building Class
C
Year Built/Renovated
1942/2024
Price
$12,467,160 CAD
Price Per SF
$735.96 CAD
Cap Rate
6.17%
NOI
$769,038 CAD
Percent Leased
90%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
1.22
Lot Size
0.32 AC
Zoning
R2A
Parking
11 Spaces (0.65 Spaces per 1,000 SF Leased)
Frontage
132’ on Union Tpke
Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Air Conditioning
Space Availability
- Space
- Size
- Space Use
- Position
- Available
Please refer to the leasing brochure for information. Cannabis not permitted.
| Space | Size | Space Use | Position | Available |
| Corner | 2,067 SF | Restaurant | - | Now |
Corner
| Size |
| 2,067 SF |
| Space Use |
| Restaurant |
| Position |
| - |
| Available |
| Now |
Corner
| Size | 2,067 SF |
| Space Use | Restaurant |
| Position | - |
| Available | Now |
Please refer to the leasing brochure for information. Cannabis not permitted.
Exceptionally walkable
100/100
Very drivable
80/100
Exceptional public transit
100/100
Moderately bikeable
70/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 07229-0020 | Improvements Assessment | $560,983 CAD |
| Land Assessment | $239,196 CAD | Total Assessment | $800,179 CAD |
Property Taxes
Parcel Number
07229-0020
Land Assessment
$239,196 CAD
Improvements Assessment
$560,983 CAD
Total Assessment
$800,179 CAD
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17924 Union Tpke
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