OFF-MARKET SHOVEL READY MEDICAL OFFICE DEVELOPMENT
EAST ELMHURST, NY
High-Growth Submarket
Strategically located directly across from LaGuardia Airport, this shovel ready .
804-acre assemblage presents a rare and exceptional opportunity to acquire a fully entitled development site for a premier medical office facility in one of New York City’s most high-traffic corridors.
Project Overview
Shovel Ready with full entitlements and approved plans
Proposed 5-story Class A medical office building
Total building area: 104,500 square feet
Supplemental income from garage parking (short-term and long-term leases)
Two-level underground parking garage with 220 parking spaces
100,000 SF pre-leased to three long-term medical tenants (30-year NNN leases)
4,500 SF of additional leasable space available
Valuation Highlights (per April 2025 Appraisal):
As-Is Appraised Value: $67,000,000
As-Is with Entitlements & Approved Plans: $181,600,000
After-Construction Stabilized Value (April 2027): $230,000,000
(Included in marketing materials to illustrate full scope of regional growth)
Fundamentals
Offered well below appraised value, this opportunity provides immediate built-in equity with significant long-term upside. Ideal for healthcare REITs, institutional investors, or seasoned developers seeking a shovel ready, income-generating asset with superior