Avison Young Tri-State Investment Sales Group retained as exclusive sales agent for the former factory site

New York – Avison Young announced today that its Tri-State Investment Sales Group has been named the exclusive sales agent for The Cigar Factory, a four-story creative office destination at 35-11 9th Street in Astoria, Queens. The former cigar factory turned commercial office property spans 120,559 rentable square feet (rsf) and is currently 60% occupied.

Principal and Head of Tri-State Investment Sales James Nelson is marketing the asset on behalf of ownership along with fellow Principals Erik Edeen, Charles Kingsley, and Neil Helman.

“35-11 9th Avenue presents a unique opportunity for investors seeking a well-positioned asset with a stable rent roll and value-add potential,” said Nelson. “Located within an Opportunity Zone, the former industrial site is eligible for numerous local incentives, including the Relocation Employment Assistance Program (REAP). The property’s R5 zoning also provides potential to unlock additional value through a residential conversion.”

With a unique history as a former cigar factory, the property has since been repurposed into a creative office building comprising a diverse tenant roster and contemporary workspaces that allow for productive and collaborative environments. The Cigar Factory has recently undergone a $6.4 million renovation, receiving a brand-new lobby, upgraded elevators, bike room, locker rooms, landscaped courtyard and a new interior and exterior aesthetic designed to foster inspiration. A dedicated parking area also is available a few steps from the site, which offers the potential for residential redevelopment to a max buildable area of 6,263 sf.

The Cigar Factory is located at 35-11 9th Street, spanning a full block on 35th Avenue with 610 feet of wraparound frontage along 35th Avenue, 10th Street and 9th Street. Situated in the heart of Astoria, the property is a short walk from the N, W and F trains and provides direct access to major thoroughfares such as Astoria Boulevard and Steinway Street. The Cigar Factory is a 16-minute drive from LaGuardia Airport and under 40 minutes from JFK International Airport.

The neighborhood’s proximity to Long Island City and convenient access to Manhattan has made Astoria one of New York City’s highest-profile districts.  Along with its reputation as a neighborhood with abundant dining and shopping destinations, Astoria features beautiful historic townhomes and brownstones in addition to experiencing an influx of new condominium and co-op developments.