get connected hersch • 212.812.6020 • [email protected] kyle crennan • 516.236.2492 •...
TRANSCRIPT
Get ConneCted
• Outstanding mass transit & highway access; E & F subways at front door
• Garage parking for 580 cars
• Spectacular panoramic views
• Building-within-a-building control; dedicated entrance, lobby, elevators and systems
• Headquarters opportunity; building name and branding available
• Efficient center-core floors
• Major capital improvements planned
• Significant as-of-right economic incentives
• Strong, stable on-site owner / manager
Tap into the region’s most accessible, centrally located, Class A opportunity.
40,000-250,000 RSF AVAILABLE • FuLL FLooRS FRom 21,000 RSF
Get ConneCted
VIEWS
Peter Riguardi • 212.812.5719 • [email protected]
Kenneth Siegel • 212.812.5804 • [email protected]
William Korchak • 212.812.5818 • [email protected]
Ray Ruiz • 516.521.8783 • [email protected]
Howard Hersch • 212.812.6020 • [email protected]
Kyle Crennan • 516.236.2492 • [email protected]
foresthillstower.com
LOCATION
LAGUARDIA
11 MINS.
JFK
11 MINS.
MIDTOWN MANHATTAN
17 MINS.
WHITE PLAINS
35 MINS.
GARDEN CITY
20 MINS.
STAMFORD
40 MINS.
DOWNTOWN BROOKYLN
20 MINS.
BROOKLYN
QUEENS NASSAU
MAN
HATT
AN
BROOKLYN
QUEENS
MAN
HATT
AN THE BRONX
E F
EF
E FLONG ISLAND EXPY
CROSS ISLAND PKWY
VAN WYCK EXPY
JACKIE ROBINSON PKWY
GRAND CENTRAL PKWY
GRAND CENTRAL PKWY
495 495678
ASTORIA
BAYSIDE
FLUSHING
JACKSONHEIGHTS
CORONA
FORESTHILLS
KEWGARDENS
JAMAICAREGO PARK
GLENDALE
STEINWAY
WOODSIDE
MASPETH
COLLEGEPOINT
RICHMONDHILL
WHITESTONE
ELMHURST
WOODHAVEN
HOLLIS
BELLROSE
ST. ALBANS
OZONE PARK
RIDGEWOOD
LONGISLAND
CITY
CLEARVIEW EXPY
QUEENS BLVD
Terrace on the Park
Rego ParkPlaza
Arthur AsheStadium
Aqueduct Racetrack
BelmontPark
Citifield
WhitestoneBridge
Throgs Neck Bridge
LaGuardiaAirport
Queensboro Bridge
Queens Midtown Tunnel
John F. Kennedy International Airport
JFK AirTrain
Borough Hall/CourthouseLIRR
LIRRLIRR
Triboro Bridge
QueensCollege
St. John'sUniversity
York College
FlushingMeadows
Corona Park
UNION TURNPIKE
JACKIE ROBINSON PKWY
UNION TURNPIKE
LIRR
LIRR
QUEENS BLVD
QUEENS BLVD
GRAND CENTRAL PKWY
GRAND CENTRAL PKWY
678
678
25
25
25
AUSTIN STREET
AUSTIN STREET
VAN WYCK EXPW
Y
Forest Hills
Kew Gardens60
60
46
3710
QM11
QM18
QM18
X63X64
QM21
X68
QM1 QM5QM6 QM7QM8
QM1 QM5QM6
QM7QM8
QM21X63 X64
X68
E F
E F
E F
M R
Kew GardensUnion Turnpike / Queens Boulevard
Forest Hills / 71st Ave
75th Ave
FLOOR PLANS
50021,234 Mkt RSF
STAIR "B"
STAIR "A"1
2
4
3
ELEC.ROOM TEL.
ROOM
ELEC.ROOM
TEL.ROOM
WOMEN
MEN
MECHANICAL ROOM
118-35 Queens BlvdForest Hills, NY 11375
5th Floor
MUSSDEVELOPMENT LLCBUILDING NEW YORK CITY SINCE 1906
NORTH
All areas and dimensions are approximate. Field verification is necessary. 10/6/2010Date Printed:
SYSTEMS
212 East 47th StSuite 6DNew York, NY 10017Ph 877 221-0229Fx 646 964-6624
2011
Expiration Legend:
2010 20122013
20142015 and Up
Vacant
80021,808 Mkt RSF
STAIR "B"
STAIR "A"
1
2
4
3
MECHANICAL ROOM
ELEC.ROOM
TEL.ROOM
WOMEN
MEN
ELEC.ROOM TEL.
ROOM
118-35 Queens BlvdForest Hills, NY 11375
8th Floor
MUSSDEVELOPMENT LLCBUILDING NEW YORK CITY SINCE 1906
NORTH
All areas and dimensions are approximate. Field verification is necessary. 10/6/2010Date Printed:
SYSTEMS
212 East 47th StSuite 6DNew York, NY 10017Ph 877 221-0229Fx 646 964-6624
2011
Expiration Legend:
2010 20122013
20142015 and Up
Vacant
TyPICAL FLOORS 2-5CORE & ShELL PLAN | 21,107 RSF
TyPICAL FLOORS 6-8CORE & ShELL PLAN | 21,808 RSF
N
ELEVATORMACHINE ROOM
STAIR "B"
STAIR "A"
5
6
8
7
ELEC.ROOM
TEL.ROOM
WOMEN
MEN
MECHANICAL ROOM
118-35 Queens BlvdForest Hills, NY 11375
9th Floor
MUSSDEVELOPMENT LLCBUILDING NEW YORK CITY SINCE 1906
NORTH
All areas and dimensions are approximate. Field verification is necessary. 10/6/2010Date Printed:
SYSTEMS
212 East 47th StSuite 6DNew York, NY 10017Ph 877 221-0229Fx 646 964-6624
2011
Expiration Legend:
2010 20122013
20142015 and Up
Vacant
110022,395 Mkt RSF
STAIR "A"
STAIR "B"5
6
8
7
ELEC.ROOM TEL.
ROOM
WOMEN
MEN
MECHANICAL ROOM
118-35 Queens BlvdForest Hills, NY 11375
11th Floor
MUSSDEVELOPMENT LLCBUILDING NEW YORK CITY SINCE 1906
NORTH
All areas and dimensions are approximate. Field verification is necessary. 10/6/2010Date Printed:
SYSTEMS
212 East 47th StSuite 6DNew York, NY 10017Ph 877 221-0229Fx 646 964-6624
2011
Expiration Legend:
2010 20122013
20142015 and Up
Vacant
FLOOR 9CORE & ShELL PLAN | 21,659 RSF
TyPICAL FLOORS 10-11CORE & ShELL PLAN | 22,395 RSF
N
FLOOR PLANS
ExECuTIVE OFFICE LAyOuT
MECHANICAL ROOM
82 SEATS• 65 Workstations
• 17 Offices
N
PERImETER OFFICE LAyOuT
MECHANICAL ROOM
N
97 SEATS• 55 Workstations
• 42 Offices
MECHANICAL ROOM
N
175 SEATS• 163 Workstations
• 12 Offices
OPEN OFFICE LAyOuT
N
AVAILABLE SPACE
LOBBy PLAN
CAPITAL ImPROVEmENTS
Ownership’s commitment to a significant capital improvement program will be
implemented at Forest Hills Tower to provide Class A systems and services to
tenants and to reinforce the building’s preeminent position in the market. Planned
improvements include:
Operating Systems• New energy efficient HVAC system
• New building management (BMS) system
• New sprinkler system
• Upgraded Class E fire alarm system
• New building security system
• Recently updated elevator mechanicals
Aesthetic upgrades• New elevator cab interiors
• New concierge desk
• Renovated and updated Queens Boulevard entry pavilion
• Elegantly renovated Queens Boulevard lobby
• Enhanced 78th Crescent entranceway and lobby
• Upgraded exterior plaza and patio areas
• New interior and exterior landscaping
• New exterior building signage
• New exterior and interior way finding signage
Peter Riguardi • 212.812.5719 • [email protected]
Kenneth Siegel • 212.812.5804 • [email protected]
William Korchak • 212.812.5818 • [email protected]
Ray Ruiz • 516.521.8783 • [email protected]
Howard Hersch • 212.812.6020 • [email protected]
Kyle Crennan • 516.236.2492 • [email protected]
foresthillstower.com
Proposed Queens Boulevard Entrance Upgrade
Proposed 78th Crescent Entrance and Plaza Upgrades
Prospective Multi-tenant Lobby
Prospective Single Tenant Lobby
STACKING PLAN
Available Parking (592 Spaces)
SquareFootage Floor
17
16
15
14
12
11
10
9
8
7
6
5
4
3
2
26,027 RSF 1
Queens Blvd. Entrance 78th Crescent Entrance
22,395 RSF
22,395 RSF
21,659 RSF
21,808 RSF
21,808 RSF
21,808 RSF
21,107 RSF
21,107 RSF
21,107 RSF
21,107 RSF
40,000-250,000 CONTIGuOuS RSF AVAILABLE• Building-within-a-building potential (floors 1-8)
• Building name and branding available
• Efficient center-core floors
• Garage parking for 580 cars
• Spectacular panoramic views
SPECIFICATIONS
Address:118-35 Queens Boulevard
Forest Hills, NY 11375
Stories:17
Total Office Area: 375,000 RSF
Expansion Opportunities:Additional FAR available (10,000 s.f.)
Building Entrance:Two separate entrances and lobbies
One can be dedicated to a major tenant
Access:24/7 access
Passenger Elevators:4 dedicated low-rise elevators (Floors 1-8), one of which
also serves the parking levels
4 dedicated high-rise elevators (Floors 9-17)
1 dedicated elevator serving lobby and parking levels
hVAC hours of Operation:Monday through Friday 8:00 AM – 6:00 PM
Extended hours available
Electric Capacity:Six (6) watts per usable square foot, submetered
Additional power available
Generator:Building generator can be made available for tenant use
Locations for additional tenant generators can be provided
Telecommunications:Fiber optic, broadband and cable services provided by
Verizon, Time Warner and RCN
Amenities:On-site garage with 580 public and reserved spaces
Dedicated 10,000 SF terrace (tenant-controlled)
Outdoor plaza and seating areas
Lobby newsstand
Additional ground floor retail and reception space available
Transportation:Subways: E and F trains at building entrance
Buses: QM1, QM5, QM6, QM7, QM8, QM18, QM21,
X63, X64 and X68 buses at building entrance; Short walk
to QM11
Rails: Jamaica Station LIRR and AirTrain to JFK are two
E train stops directly from the building; Short walk to Kew
Gardens LIRR station
Highways: Immediate highway access to Van Wyck
Expressway, Long Island Expressway, Grand Central
Parkway, Jackie Robinson Parkway, Brooklyn Queens
Expressway, Whitestone Expressway and Union Turnpike
Travel Times:JFK Airport: 11 Mins.
LGA Airport: 11 Mins.
Midtown Manhattan: 17 Mins.
Downtown Brooklyn: 20 Mins.
Garden City: 20 Mins.
White Plains: 35 Mins.
Stamford: 40 Mins.
ECONOmIC INCENTIVES
ECONOmIC INCENTIVESGenerous as-of-right municipal incentives savings are available to companies that locate in Queens. These incentives can be
worth more than $15.00 per square foot annually, in most cases for the duration of a company’s lease. As-of-right incentives
programs include REAP, real estate tax programs (ICAP, CEP), energy incentives (ECSP) and CRT exemption.
Additional discretionary incentives that may be available under certain circumstances could include cash grants, exemption
from sales tax on project related purchases, additional energy savings from Con Edison, reduced payments in lieu of real
estate taxes and low interest financing.
NOTES:(1) REAP benefit assumes a density of 1 employee per 200 RSF, which equates to $15.00 per rsf at $3,000 annual tax credit per employee.(2) Net effective 10-year rent after incentives accounts for the rent, operating expense escalations, real estate tax escalations, and occupancy tax (applicable only for Midtown & Downtown) over the 10-year term, net of concessions.
Location Forest Hills Tower Midtown Downtown Long IslandRent and Concessions
Base Rent (Yrs 1-5) $35.00 $60.00 $40.00 $30.00
Free Rent after Construction 6 months 3 months 6 months 4 monthsWork Letter $40.00 $50.00 $45.00 $30.00
Illustrative Financial Impact
Average Annual Escalated Rent per RSF $33.38 $62.03 $40.32 $30.13
Average Annual Incentives Benefit per RSF ($18.50) $0.00 ($2.30) $0.00
Net Effective 10-year Rent after Incentives $14.89 $62.03 $38.02 $30.13 As-of Right Incentive Programs
Jobs
REAPReal Estate Taxes
ICAPCEPCRP
Energy SavingsECSPLMEP
OtherSales Tax Rebate
CRT ExemptionNOTES: (1) REAP benefit assumes a density of 1 employee per 200 rsf, which equates to $15.00 per rsf at $3,000 annual credit per employee. (2) Sales Tax Exemption benefit in Lower Manhattan is not included due to potential variation in qualifying expenditures. (3) Average Annual Escalated Rent accounts for the rent, operating expense escalations, real estate tax escalations, and occupancy tax (applicable only for Midtown & Downtown) over the 10-year term, net of concessions.
(5 years)
NET EFFECTIVE 10-YEAR RENT AFTER MUNICIPAL INCENTIVES
Base Rent (Yrs 6-10) $38.00 $65.00 $45.00 $33.00
NET EFFECTIVE 10-yEAR RENT AFTER muNICIPAL INCENTIVES
NyC RELOCATION ANd EmPLOymENT ASSISTANCE PROGRAm (REAP)A 12-year tax credit (refundable in the first 5 years) of $3,000 per job
per year for each job relocated to Queens. [1]
ExEmPTION FROm NyC COmmERCIAL REAL ESTATE OCCuPANCy TAx (CRT)Companies locating in Queens are exempt from this tax paid by
Manhattan based companies, totaling approximately 3.9% of all
rent payments.
REAL ESTATE TAx SAVINGSNYC Commercial Expansion Program (CEP) – Provides a 5-year
credit for a portion of the real estate taxes levied on the property. This
benefit is passed through directly to the tenant company, dollar-for-
dollar, for any new, renewal or expansion leases. [2]
NYC Industrial and Commercial Abatement Program (ICAP) –
Provides partial real estate tax exemptions on the increased value of
property improved by at least 30% of its assessed value for up to 25
years. The benefit is available to property owners and tenants making
investments such as a new interior build-out.
Low Cost Electricity – The City’s Energy Cost Savings Program
(ECSP) provides a discount of as much as 45% on the distribution
portion of electric costs. [3]
AddITIONAL dISCRETIONARy INCENTIVES mAy INCLudE:
Cash Grants – Can be provided as incentive to attract or retain
a company.
Sales Tax Exemptions – Exemption from combined 8.875% NYS/
NYC/MTA sales tax on construction materials, furniture, fixtures and
equipment purchases for the life of the lease.
Additional Energy Savings – from Con Edison’s Business Incentive
Rate (BIR) Program. [4]
Payment in Lieu of Real Estate Taxes (PILOT) – As part of a broader
tenant retention or attraction package, New York City can negotiate
a reduced and/or fixed payment schedule in lieu of real estate
tax liability.
Low-Interest Financing – May be offered in certain circumstances.
[1] REAP is available for any company relocating employees from outside New York City or from Manhattan south of 96th Street (REAP is discretionary for companies relocating from lower Manhattan).[2] This credit is equal to $2.50 per rsf for years 1-3, $1.67 in year 4 and $.88 in year 5.[3] ECSP is up to 12 years.[4] The Con Ed BIR is for up to 15 years. The BIR is available only for tenants receiving more comprehensive discretionary incentives from NYC.
Peter Riguardi • 212.812.5719 • [email protected]
Kenneth Siegel • 212.812.5804 • [email protected]
William Korchak • 212.812.5818 • [email protected]
Ray Ruiz • 516.521.8783 • [email protected]
Howard Hersch • 212.812.6020 • [email protected]
Kyle Crennan • 516.236.2492 • [email protected]
foresthillstower.com
118-35 Queens BoulevardForest Hills, NY 11375
Concept: S
un & M
oon MarketingAll information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.