International Workplace Group Leases 8,041 Square Feet At Astoria Pointe In Queens
35 01 36th Avenue
Building Size
8,041 SF
Asset Type
Office
Closing
Jan 21, 2025
AI
The asset involved in the transaction is an office space located at 35-01 36th Avenue in Astoria, Queens. The property features an overall size of 8,041 square feet and is part of a larger 53,748-square-foot office and retail building known as Astoria Pointe, which is set to open in the second quarter of 2025.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 35-01 36th Avenue
- Market: Astoria, Queens
- ASSET SIZE: 8,041 SF
- Landlord: Laurence Gluck - Stellar Management
- Tenant: International Workplace Group (IWG)
- Brokers: Joshua Branham, Mitchell Arkin & John Peters - Cushman & Wakefield
- Asking rents: $45 to $50 per square foot
Cushman & Wakefield facilitated the lease transaction for International Workplace Group (IWG), allowing them to pre-lease the office space at Astoria Pointe, enhancing the property’s tenant roster prior to its opening.
Players
Astoria Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93