Tenanted Special Purpose Buildings

Besen Partners Hotel Advisory Group, as exclusive agent for Ownership, is pleased to offer for sale 10-21 & 10-25 Beach 21st Street, Far Rockaway, New York 11691. This offering memorandum details a premier asset comprising of a 146-key hotel property, spanning a total of 53,868± square feet.

Built as a dual-branded hotel, combining both Wingate by Wyndham and former Best Western, the property is currently leased to the City of New York for its Sanctuary housing program. This not only guarantees a steady income stream but also underscores the city’s commitment to supporting the local community.

This brand-new property comes with a 25-year tax abatement that started in January 2020, considerably reducing the tax liabilities for investors and adding significant value to the offering.

The property’s strategic location provides an added advantage for potential investors. It is ideally situated in close proximity to the JFK Airport and several key transport hubs. The A Train Far Rockaway – Mott Ave Station is a mere 0.1 mile walk away, offering excellent connectivity throughout New York City. The Long Island Rail Road Far Rockaway Station is also within a short walking distance of 0.4 miles, making it highly accessible for residents and adding to its appeal.

The investment opportunity is being offered with pricing guidance at $40,000,000, which translates into a robust Cap Rate of 13.03%, indicating an excellent potential for income generation. This valuation equates to a price per key of $273,972.60 and a price per square foot of $743.

Far Rockaway, NY, is a flourishing and diverse neighborhood with a unique mix of commercial and residential entities. Its combination of locale, infrastructure, and the steady rental income from the City of New York makes this property an ideal and stable investment venture.

In summary, this property represents an extraordinary opportunity for acquisition. The secure rental income, excellent location, significant tax advantages, and high yield make it a standout investment. We invite you to further explore this remarkable opportunity in one of New York’s most dynamic areas.