Storage Units: 33-15 81st Street, Jackson Heights

Neighborhood

• Jackson Heights is where the IRT Flushing Line (No. 7 train) meets the IND Queens Boulevard Line (E, F, M, and R trains), and numerous bus routes at the Roosevelt Avenue / 74th Street transportation hub. It is the largest subway stop in Queens, with five subway services and six bus lines. 
• The main retail thoroughfare is located on 37th Avenue from 72nd Street to Junction Boulevard, with more retail on 82nd, 73rd, and 74th Streets on the blocks between 37th and Roosevelt Avenue.

Value

The Buyer Spend

• June 2, 2011: 5J sold for $174,408 (most recent sale)
• January 27, 2011: 4G sold for $161,120 
• January 11, 2011: 4A sold for $115,000

Property Taxes

• Estimated Market Value: $6,655,000
• 2011/12 Taxable Value: $2,797,391

Building Investment

Project

• Cost: $0 (percentage of future rental income shared with Bargold)
• Installed eight additional fully enclosed, corrugated-steel, custom-built storage units to an already-existing installation of 21 for free under Bargold’s rental plan.  Bargold absorbs the cost of the installation, which also includes painting and the installation of lighting in the storage area
• The value would have been $3,000 per unit plus the painting and electrical fixtures installation costs. Bargold rents the units directly to the tenants and pays the building 25 percent of the gross receipts.

Contributors

• Bargold was represented by Joshua Goldman
• The building was handled by Robert J. Swiderski, agent for New Bedford Management