Asking $17M for Triple-Net Leased Retail

The owners are asking $17 million for the triple-net leased property at 163-30 Cross Bay Blvd. in the Howard Beach neighborhood of Queens.

Walgreens has leased the space until 2029 — even though the drugstore has closed and subleased its 9,7867-square-foot space to grocery store Key Foods. The current rent is $874,000 annually, with an increase of 12% scheduled for April 2019, and a subsequent hike of 12% slated for 2024.

“The building is perfect for a major retailer, as it sits on one of the busiest commercial corridors in Queens,” said Jonathan Berman, director at Ariel Property Advisors.

The property has recently undergone significant improvements to the interior as well as the facade, and contains a drive-through, with 35 parking spaces.

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