138-25 Barclay Avenue

Overview

A UCC Article 9 auction of pledged collateral. What is offered is 100% of the membership interests of the limited liability company that owns 138-25 Barclay Avenue — not direct fee simple ownership of the real property itself.\n\nThe underlying asset is a 2023-built luxury rental: seven storeys, 48 residential units across roughly 40,976 SF, with 24 on-site parking spaces and a 35-year 421-a tax abatement running to 2060. Amenities include a rooftop terrace and recreation space, a fitness centre, package room, bike storage and EV charging.\n\nAt the $14,500,000 purchase price the existing rent roll supports $1,434,350 of NOI, a 9.89% cap; the proforma reaches $1,549,544 and 10.69%. Both are stated after a ground lease of $599,654 a year.\n\nBidder registration closes 12 November 2026; the auction is 18 November 2026 at 3:00pm ET. Flushing-Main St (7 train and LIRR) serves the area.

Highlights

• UCC Article 9 auction — LLC membership interests, not fee simple
• Auction 18 November 2026, 3:00pm ET · registration closes 12 November
• 48 residential units, 40,976 SF gross, built 2023
• 35-year 421-a tax abatement through 2060
• 24 on-site parking spaces
• 9.89% cap on existing income · 10.69% proforma
• Subject to a ground lease of $599,654 per year
• Rooftop terrace, fitness centre, bike storage, EV charging

Investment summary

Asking price

$14,500,000

Category

Note Sale

Cap rate

9.89%

NOI

$1,434,350

Gross income

$2,354,847

Operating expenses

$920,496

Annual taxes

$114,537

Residential units

48

Tax class

2

Property

Address

138-25 Barclay Avenue, Flushing, NY 11355

Building size

40,976 SF

Lot size

12,400 SF

Stories

7

Year built

2023

Listed

October 5, 2026