56-70 58th Street, Maspeth, NY, 11378 | $14,900,000

Clinton Hall is a rare large format industrial and assembly building located at 56 60 to 56 70 58th Street in Maspeth, Queens. Offered as a real estate only sale, the property will be delivered without an operating business, leases, contracts, or guaranteed income, presenting a true blank canvas opportunity for owner users, investors, institutions, or redevelopment strategies. Originally constructed in 1926, the building reflects an era of permanence and structural integrity. Built with Class A fireproof concrete and steel construction and supported by a full concrete roof system, the structure was designed to accommodate large scale assembly occupancy. Its expansive open floorplates are enabled by a reverse engineered mezzanine system that transfers loads through engineered trusses into the roof, eliminating the need for interior columns and creating wide span usable space. The property contains approximately 26, 000 square feet of total interior space, including a legalized basement level, and is supported by Certificates of Occupancy on file with the New York City Department of Buildings. The existing Certificate of Occupancy authorizes assembly use, providing legal certainty and flexibility for a wide range of commercial, institutional, and light manufacturing uses within its M1 zoning designation. Upper levels are delivered vacant. The lower level is currently occupied without a written lease, and no rental income is being represented or guaranteed in this offering but the buyer is free to evaluate the tenancies and offer a continuation, as it has been a positive occupancy. The asset is otherwise offered free of leases, operating businesses, and contractual income. Major building systems, including electrical, plumbing, and roofing, have been updated, reducing near term capital expenditure requirements . The structure was originally conceived for assembly occupancy and incorporates fire safe construction, existing means of egress, and life safety systems designed to support large scale use . Purchasers should independently verify current compliance and allowable occupancy. Strategically located in Maspeth with direct access to the Long Island Expressway and Brooklyn Queens Expressway, the property offers strong connectivity to Manhattan, Brooklyn, Long Island City, and regional transportation hubs. Clinton Hall has been family owned for generations and is widely regarded as a Maspeth landmark, having hosted significant events and live performances over the decades. This is a rare opportunity to acquire a legally compliant, large scale assembly asset in Queens delivered free and clear of operating encumbrances. Please take note of the small highlighted area of the posted survey, denoting a 19 foot wide forthcoming lot subdivision.

Features

  • Property Type: Industrial
  • Construction: Stone
  • Utilities: Electricity Connected, Sewer Connected
  • Heating: Natural Gas
  • Cooling: Central Air
  • Year Built: 1926
  • Acreage: 0.97
  • Est. Taxes: $100,758
  • MLS#: 965556
  • Days on Market: 2 days
  • Website: https://www.raveis.com
    /prop/965556/567058thstreet_maspeth_ny?source=qrflyer
Listing information has been assembled from various sources of varying degrees of reliability. Any information critical to the buying decision should be independently verified.Listing courtesy of Esquire Realty Ciaramella & Co   Phone: 917-257-1584

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Frank KolbSenior Vice President - Coaching & Strategic, William Raveis Mortgage, LLC

NMLS Mortgage Loan Originator ID 81725

203.980.8025

Frank.Kolb@raveis.com

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56-70 58th Street, Maspeth, NY, 11378

$14,900,000

Customer Service

William Raveis Real Estate

Phone: 888.699.8876

Contact@raveis.com

Frank Kolb

Senior Vice President - Coaching & Strategic

William Raveis Mortgage, LLC

Phone: 203.980.8025

Frank.Kolb@raveis.com

NMLS Mortgage Loan Originator ID 81725

5/6 (30 Yr)
Adjustable Rate Jumbo*
30 Year
Fixed-Rate Jumbo
15 Year
Fixed-Rate Jumbo
Loan Amount $11,920,000 $11,920,000 $11,920,000
Term 360 months 360 months 180 months
Initial Interest Rate** 5.125% 5.875% 5.625%
Interest Rate based on Index + Margin 8.125%
Annual Percentage Rate 6.021% 5.984% 5.806%
Monthly Tax Payment $8,397 $8,397 $8,397
H/O Insurance Payment $125 $125 $125
Initial Principal & Interest Pmt $64,903 $70,511 $98,189
Total Monthly Payment $73,424 $79,032 $106,710

* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.

** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.

The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.