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35 01 36th Avenue

International Workplace Group Leases 8,041 Square Feet At Astoria Pointe In Queens
LEASEDOffice

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

Mitchell Arkin

Cushman & Wakefield

Broker

9 deals

Broker

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