Aris II Portfolio – Jackson Heights, Queens
Aris II Portfolio – Jackson Heights, Queens
Jackson Heights
TWO PRE-WAR ELEVATOR BUILDINGS | 1930'S CONSTRUCTION
| Asking Pricing | $18,500,000 |
|---|---|
| Type | Multifamily |
| Neighborhood | Jackson Heights |
| Properties | Two Properties |
| Lot Size | 100' x 115' Each |
| Zoning Code | R7-1 |
| Stories | 6 |
| Units | 92 Apartments & 3 Medical Offices |
Investment Highlights:
Meridian Investment Sales is pleased to present for sale The Aris Portfolio II (“the Portfolio”), a collection of two pre-war elevator buildings with medical offices located in the heart of Jackson Heights, Queens. Georgian Gardens at 82-01 and Senate Gardens at 82-15 35th Avenue are located next to each other between 82nd and 83rd Streets. Combined, the Portfolio includes a total of 105,219 square feet, 92 apartments and three medical office spaces. Senate Gardens has 20 fair market apartments, while the remaining 72 apartments in the Portfolio are under rent regulation. The Portfolio, which has been held under a long-term ownership, has been meticulously maintained and boasts 97% occupancy. Since January 2021, ownership has spent $800,000 on capital improvements including new limestone and camelback parapets on the roof, water proofing, brick replacement, and upkeep to historic landmark features as needed.
The Portfolio offers new investors significant rental upside with preferential rents of $579,289. The properties are close to various subway stations including the 7 Train on 82nd-Jackson Heights and the E, F, M, and R Trains on 65th Street.
The Aris Portfolio II offers investors an opportunity to acquire a sizable portfolio with durable cash-flow for a long-term investment horizon.
