13 Stores Line Both Sides of the Lefferts Boulevard Bridge Over the Long Island Rail Road
The Metropolitan Transportation Authority (MTA) today announced it is seeking a master tenant to renovate, lease and operate three buildings that are currently home to 13 storefronts totaling 14,500 square feet in Kew Gardens, Queens.
The storefronts are at 81-09 through 81-21 Lefferts Blvd and 81-12 through 81-24 Lefferts Blvd. The selected master tenant will have the opportunity to lease the property from the MTA, on behalf of MTA Long Island Rail Road, for at least 25 years; sublease the retail; and manage the day-to-day operations of the collection of retailers. The master tenant will be responsible for performing physical renewal work to the buildings, and ensuring they remain in good condition.
“With this solicitation going out to the leading real estate companies in the country, the MTA is reaffirming its commitment to the Kew Gardens community,” said Janno Lieber, President of MTA Construction & Development. “This is a significant leasing opportunity, but it’s also an opportunity to play an indispensable role in a tight-knit community by managing and maintaining a set of properties that locals have many times described as a beloved community focal point. Make no mistake: It will be a challenge to perform to the high standards demanded by the MTA and the people of Kew Gardens. We are confident there are highly qualified firms that will be able to execute and – with the full support of the MTA – turn this set of stores into an even greater and more sought-after place to do business.”
Nine of the storefronts are occupied and four are vacant. The occupied stores’ subleases expired on March 31, 2020, but the MTA has guaranteed them the right to stay through Dec. 31 if they wish. The master tenant selected by the MTA will negotiate future leases for the buildings, balanced against the master tenant’s mandate to perform the long-sought building upgrades.
The buildings were built in the 1920s atop two concrete and steel platforms that abut both sides of the roadway’s bridge over the Long Island Rail Road. In June 2018 Long Island Rail Road President Phil Eng invested $1 million secured by New York City Council Member Karen Koslowitz to ensure the continuing structural stability of the platforms over the tracks on which the stores are built.
The MTA will issue a formal request for proposals from potential master tenants on Friday, Oct. 16, with proposals due by Dec. 15, 2020.
The properties are being offered by MTA Real Estate through its retail broker/consultant, CBRE. The contact is Loren Baron loren.baron@cbre.com.