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Property profile & analytics
OFF-MARKET
Theaters & concert halls
3501 37th St, Long Island City, NY 11101
Individually Owned
2-yr Hold
Free & Clear
Property ID
US63-2791061
Property profile
Verified
Property type
Theaters & concert halls
Use group
THEATER (MOVIE)
Year built
1998
Total area
57,425 SF
Lot
1.33 ac (58,109 SF)
Zoning code
M1-1
APN
00641-0009
UPID
US63-2791061
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
by Request
Owner & transaction history
Aslpii Merger Sub, L.p. · 2 yrs held
Aslpii Merger Sub, L.p.
since 2023
7 recorded transactions
Zoning & alternative use
M1-1 · Long Island City, NY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Long Island City submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Long Island City submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
—
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$511,565
Tax year 2024
Assessed value
$5,505,300
Assessed 2024
Previous assessed
$5,139,870
+7.1% YoY
Effective rate
9.29%
On assessed value
Assessed land
$1,174,500
Assessed improvement
$4,330,800
Land market value
$2,610,000
Improvement market value
$9,624,000
Total market value
$12,234,000
Applied tax rate
4.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Theaters & concert halls
Use group
THEATER (MOVIE)
Status
Off-Market
Year built
1998
Heating
NONE
Buildings
1
Stories
1
Units
1
Total area
57,425 SF
Lot
1.33 ac (58,109 SF)
Zoning code
M1-1
APN
00641-0009
UPID
US63-2791061
Jurisdiction
QUEENS
Metro division
NEW YORK-WHITE PLAINS-WAYNE, NY-NJ METROPOLITAN DIVISION
Zoning & alternative use
M1-1 · Long Island City, NY
Zoning M1-1 · permitted uses
M1-1 · Long Island City, NY
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Long Island City. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
1998
Heating
NONE
Stories
1
Buildings
1
Units
1
Lot
1.33 ac
Current owner
From public records · entity-resolved
Aslpii Merger Sub, L.p.
Individual
Free & Clear · 2 yrs held
Mailing address
MICHAEL HACKMAN BRENT ILOULIAN C O HACKM, CULVER CITY, CA 90232
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
10 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 22, 2023
—
Aslpii Merger Sub, L.p.
Astoria Studios Limited Partnership
Deed
—
Aug 26, 2022
—
Kaufman Bedrock Astoria LLC
—
Deed
related
$250,000 · Customers Bank
Sep 12, 2016
—
Kaufman Bedrock Astoria I LLC
—
Deed
related
$5,000,000 · Customers Bk
Jun 15, 2016
$45,000,000
Kaufman Bedrock Astoria I LLC
Fc Steinway Street Assocs II L
Trustees Deed
$3,928,355 · Customers Bk
Jun 15, 2016
—
Kaufman Bedrock Astoria I LLC
—
Deed
related
$20,000,000 · Customers Bk
Dec 17, 2012
—
Fc Steinway Street Associates
—
Grant Deed
related
$17,500,000 · Morgan Stanley Mtg Capital INC
—
—
Stanley Mtg Cap Holding Morgan
—
Deed Of Trust
related
—
—
—
Kaufman Bedrock Astoria I LLC
—
Deed Of Trust
related
$5,000,000 · Customers Bk
—
—
Kaufman Bedrock Astoria I LLC
—
Loan Modification, Consolidation And Extension
related
$20,000,000 · Customers Bk
—
—
Kaufman Bedrock Astoria I LLC
—
Loan Modification, Consolidation And Extension
related
$25,000,000 · Customers Bk
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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