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QUEENS, NY-Galway Properties LLC is shedding 159-05 Union Turnpike here for an asking price of $27.5 million. The five-story building located on the north side of Union Turnpike between Parsons Boulevard and 162nd Street in Fresh Meadows was purchased approximately four years ago for $10 million, GlobeSt.com has learned.

Thomas Donovan of Massey Knakal Realty Services, the exclusive agent on the property, tells GlobeSt.com that the seller does not hold its properties for the long term. “It buys them, renovates them, and sells them,” he says. Galway completely gut renovated the professional building, and so far, there has been strong interest, Donovan says, noting that they spent a total of approximately $12.5 million on renovations.

The property, which contains 87,400 sf, is ideally located close to Queens Hospital Center and St. John’s University with access to public transportation, Donovan says. “A highly desirable property such as this with regularly scheduled rent increases are hard to find,” Donovan says.

The building is 100% occupied by tenants containing long-term leases with scheduled increases. The tenant roster includes Medical Arts which has a lease in place until 2037 with a 10% rent increase every five years and HeartShare with a lease until 2018 and a 4.5% rent increase every year.

The building renovation includes brand new roofing, mechanical, electrical, fire safety and HVAC systems. The hallways, bathrooms, common areas and industrial kitchen have been renovated. The elevators have been completely rebuilt with new equipment and cabs.

Donovan tells GlobeSt.com that “strictly investors would be interested in this building.” The bid deadline is June 17th.

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