A Rego Park building that houses one of Queens’ four Social Security Administration offices is now for sale.
Cushman & Wakefield announced on Feb. 12 that it’s handling the sale of the fully renovated office building located at 63-44 Austin St., with a listing price of $8.25 million.
The single-story building, encompassing 16,900 square feet, “is a highly accessible, prime office opportunity located in a dense residential neighborhood,” according to Thomas Donovan, vice chairman of Cushman & Wakefield. Donovan, along with Tommy Linn, Eugene Kim and Robert A. Rappa, are leading marketing efforts on behalf of the property owner, Ronco Realty LLC.
For years, 63-44 Austin St. has housed offices for the Social Security Administration, where residents can seek assistance with various services that the federal agency provides. The administration has three other offices in Long Island City, Flushing and Jamaica. Many residents in nearby Middle Village, Maspeth and Ridgewood began visiting the Rego Park office after the one in Glendale shut down in 2011.
Currently, the Social Security Administration holds an active lease on the property and isn’t going anywhere for the time being. Cushman & Wakefield noted that the tenant is responsible for three-quarters of the $2 million renovation that was recently completed; the administration is paying it back in monthly installments over the next two years at 7 percent interest.
Ronco Realty LLC purchased the property in February 2016 for $7.35 million, according to Department of Finance records. The building is located in an R4 residential zoning district with commercial overlays allowing for multiple purposes, including light manufacturing (such as auto dealerships or garages).
Located less than a block from 63rd Drive, the office is also within walking distance of the Rego Center Mall, Queens Boulevard and the 63rd Drive subway station.
A spokesperson for Cushman & Wakefield stated that the Social Security Administration maintains a seven-year lease on the property. The lease does not have an out clause by which the new owner could terminate the agreement.