3 Grace

INVESTMENT HIGHLIGHTS

• VALUE-ADD – Below market rents providing a huge value add opportunity. Current rents are roughly 20% below market with short term leases remaining.
• LOCATION – Located in the heart of the Village of Great Neck. Walking distance to the Long Island Rail Road, banks, restaurants, courier delivery services, pharmacies, gyms, and shops.
• STABLE TENANCY – 67% of building leased to a superior and exceptional coworking company. The company has historically operated near 100% occupancy.
• SIGNIFICANT DEVELOPMENTS – The Village of Great Neck is continuing to undergo major residential developments due to the heavy demand and lack of supply of apartments.
• AMPLE PARKING – This property offers an abundant amount of parking that is severely lacked in office buildings in this area. Property sits directly next to an enclosed parking garage with direct access to first and bottom level of building.
• EXCELLENT DEMOGRAPHICS – Total Population of 23,537 in a 1-mile radius and 134,769 in a 3-mile radius. Median Household Income of $120,266 in a 1-mile radius and 111,675 in a 3-mile radius.
• ADDITIONAL VALUE-ADD – There’s an additional value-add opportunity for an investor or developer who utilizes the air rights in building two additional floors.  This would equate to roughly 15,000 SF, bringing the total square footage to over 37,000.