97-29 64th Road, Rego Park, NY, USA

Rego Park, Queens

NET LEASED, NYS-FUNDED CHARTER SCHOOL COMMERCIAL CONDO WITH PARKING

Google Map

Total Square Feet

74,333 SF (approx.)

Asking Price

$28,325,000

Stories

Residential Units

Commercial Units

Garage Units

STABLE, NEW YORK STATE-SUPPORTED REVENUE
The tenant is a New York State–chartered public school that receives recurring per-pupil funding, providing a reliable revenue stream tied directly to enrollment.
LONG-TERM LEASE WITH CORPORATE GUARANTY
The lease provides a 31-year primary term and is backed by a guaranty from the operating school entity, providing an additional layer of security for ownership. Early termination rights are narrowly limited to circumstances involving charter non-renewal, supporting predictable cash flow over the full lease term.
NET LEASE STRUCTURE, MINIMAL LANDLORD EXPENSES
The non-profit charter school tenant is exempt from real estate taxes and covers its own insurance, utilities, and maintenance under the lease, keeping the landlord’s operating costs to a minimum.
DENSE, STABLE RESIDENTIAL POPULATION BASE
Rego Park is one of Queens’ more densely populated residential submarkets, with population density approaching 50,000 residents per square mile. Its established, family-oriented residential base provides a deep pool of schoolage households supporting the tenant’s enrollment base.
ADDITIONAL PARKING GARAGE INCOME
The property includes a separately leased, 90-space parking garage, held on its own block/lot, generating $72,000 in annual base rent plus 50% reimbursement of real estate taxes and operating expenses, providing an additional, diversified income stream through April 2028.