Aris Portfolio – Jackson Heights, Queens

Investment Highlights:

Meridian Investment Sales is pleased to present for sale The Aris Portfolio (“the Portfolio”), a collection of three pre-war elevator buildings with medical offices located in the heart of Jackson Heights, Queens. Georgian Gardens at 82-01 and Senate Gardens at 82-15 35th Avenue are located next to each other between 82nd and 83rd Streets, and Turnbury Village at 35-30 81st Street is one block west between 35th and 37th Avenues. Combined, the Portfolio includes a total of 196,219 square feet, 187 rent stabilized apartments and five medical office spaces. The Portfolio which has been held under a long-term ownership, has been meticulously maintained and boasts 96% occupancy.

Since January 2021, ownership has spent $1.97 million on capital improvements including new limestone and camelback parapets on the roof, water proofing, brick replacement, and
upkeep to historic landmark features as needed. In addition, Ownership has spent $1.84 million on upgrading existing medical office spaces and building-out new medical office spaces.

The Portfolio offers new investors significant rental upside with preferential rents of $1,276,729. The properties are close to various subway stations including the 7 Train on 82nd-Jackson Heights and the E, F, M, and R Trains on 65th Street.

The Aris Portfolio offers investors an opportunity to acquire a sizable portfolio with durable cashflow for a long-term investment horizon.