17924 Union Tpke 16,940 SF 90% Leased Retail Building Fresh Meadows, NY 11366 $12,399,570 CAD ($731.97 CAD/SF) 6.17% Cap Rate

DEAL PAGE & DATA ROOM LINKS BELOW
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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.
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Brand New Construction
• Delivered in 2024 with modern steel-frame design engineered for vertical expansion
• Fully leased, including a turnkey cellar space with private elevator access
• Zero deferred maintenance with roof, structure, parking lot, and mechanical systems all brand new.
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Strong Tenancy & Stable Cash Flow
• 100% occupied by four service-based tenants
• Long-term leases featuring scheduled rent escalations and personal guarantees
• Net leases with tenant reimbursements for property taxes and common area maintenance
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Prime Fresh Meadows Location
• Prominent Union Turnpike frontage with high daily traffic
• Close proximity to St. John’s University
• Surrounded by dense residential neighborhoods
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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