The Cardinal Building 21-01 51st Ave 62,701 SF 100% Leased Office Building Long Island City, NY 11101 For Sale

Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis to arrange the sale of a leasehold interest in 21-01 51st Avenue (the “Property”), a 100% leased, stabilized commercial asset on a long-term ground lease in the heart of Long Island City, Queens. The Property totals 62,650 square feet across three ?oors and generates approximately $1.5 million in NOI, offering investors immediate, stable cash ?ow from established commercial tenants including Ann Sacks Tile and Stone (luxury tile showroom), STV-NAIK Engineering (infrastructure engineering ?rm), and Skanska USA Civil Northeast (global construction group). The building has undergone over $12 million in capital improvements, encompassing tenant improvements, new HVAC, elevator modernization with roof-level access, façade and lobby renovations, and full electrical upgrades. The Property further features two loading docks, a fenced private outdoor space at the ?rst ?oor, and tenant signage rights offering prominent visibility from the I-495 corridor. The Property includes a rooftop billboard sign; however, income from the sign is paid directly to the ground lessor and does not ?ow through to the leaseholder.
With approximately 91 years remaining (through December 31, 2117), the ground lease features 2% annual compounding rent escalations through Year 24 before transitioning to fair market value resets in years 25 (2043), 50 (2068), and 75 (2093). The ground lessor is responsible for a portion of real estate taxes, with the contribution adjusting annually based on a de?ned income-based formula¹. With a 2.34-year weighted average lease term remaining, a new owner is well-positioned to capture potential mark-to-market upside upon lease rollover in one of Queens’ most dynamic commercial submarkets. The Property further bene?ts from a 15-year ICAP tax abatement through 2038, generating meaningful real estate tax savings, and a Quali?ed Opportunity Zone designation offering eligible investors signi?cant federal tax incentives on capital gains. 21-01 51st Avenue represents a rare opportunity to acquire a stabilized, income-producing leasehold interest with a long-term ground lease, near-term value-add potential, and compelling tax advantages in one of New York City’s most active outer borough commercial markets.