Self-storage building · Richmond Hill, Queens
87-40 121st Street
Richmond Hill, NY 11418
87-40 121st Street is a 6-floor self-storage building in Richmond Hill, Queens, built in 1930, with about 83,000 square feet of industrial and storage space according to city records.
Also at 87-40 to 87-48 121st Street.
- Industrial and storage space
- 83K SF
- Floors
- 6
- Year built
- 1930
- Zoning
- M1-5
The 4th largest of the 9 industrial and storage buildings we track in Richmond Hill. Compare it with 6 neighbors
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Compared with its neighbors
How 87-40 121st Street compares
Next to the 6 nearest large industrial and storage buildings, all within a 12 minute walk, 87-40 121st Street ranks 4th of 7 by industrial and storage floor area. It went up in 1930; the median neighbor dates from 1931. Its estimated property tax, about $5.65 a square foot of floor area before abatements, is above the neighbors' median of $4.51.
| Building | Industrial and storage space | Floors | Built | Tax / SF | Last sale |
|---|---|---|---|---|---|
| 87-40 121st Street | 83K SF | 6 | 1930 | $5.65 | Jan 2022, $46.5M |
| 87-16 121st Street | 154K SF | 7 | 2020 | $5.16 | Jan 2026, $84.7M |
| 120-08 Jamaica Avenue | 36K SF | 4 | 1902 | Exempt | Oct 2023, $18M (4 lots) |
| 87-46 123rd Street | 138K SF | 3 | 1931 | Exempt | Jun 2017, $18.1M |
| 119-24 Jamaica Avenue | 46K SF | 5 | 2005 | $5.64 | n/a |
| 130-11 Atlantic Avenue | 45K SF | 3 | 1930 | $3.86 | Feb 2010, $3.5M |
| 131-11 Atlantic Avenue | 170K SF | 4 | 1931 | $2.76 | n/a |
Sources: NYC Department of City Planning, PLUTO 26v2 for size, floors and year built; NYC Department of Finance 2026/27 roll for tax (taxable value times the class rate, before abatements, over the whole floor area); ACRIS for the last deed that moved the whole lot for a real price (a price for several lots is their combined price; condominiums sell by the unit and show n/a). Large means at least 35,000 SF of the building's main use. Walking times are straight-line estimates.
NYC tax lot records
Building facts
- Other address
- 87-40 to 87-48 121st Street
- ZIP code
- 11418
- Building type
- Self-storage building (city class E7)
- Total floor area
- 82,953 SF
- Commercial floor area
- 82,953 SF
- Industrial and storage
- 82,953 SF
- Height
- 6 floors
- Average floor
- About 13,800 SF (floor area divided by floors)
- Year built
- 1930
- Last major alteration
- 2016
- Lot area
- 21,750 SF
- Zoning district
- M1-5
- Built FAR
- 3.81
- Max commercial FAR
- 5
- Tax lot (BBL)
- 4093300018
Nearest subway
- 121 St
- 111 St
- Jamaica-Van Wyck
Source: NYC Department of City Planning, PLUTO 26v2, pulled 2026-10-16; addresses from the Property Address Directory (PAD) 26b; subway stations from the MTA Subway Stations dataset, pulled 2026-10-16. Floor areas are the city's estimates for the whole building, not available space. Walking times are straight-line estimates. How we build these pages. Something wrong on this page? Tell us.
NYC storefront registry (Local Law 157)
Storefronts and vacancy
Owners registered one storefront at 87-40 121st Street for December 31, 2025, the newest annual filing the city has published, and it was not vacant that day.
- Storefronts registered for December 31, 2025
- 1
- Vacant that day
- 0
- Share vacant across Richmond Hill
- 7.8%
- Share vacant citywide
- 9.2%
Vacant on December 31, by year
Need a storefront in Richmond Hill? Get matchedNYC storefront vacancy report
Source: NYC Department of Finance, Storefronts Reported Vacant or Not (Local Law 157), annual filings for 2019 to 2025, pulled 2026-10-16. Owners of buildings with ground- or second-floor storefronts register each one every year with its status on December 31; counts are by tax lot, as the owners filed them. The 2025 filing was due June 1, 2026, so a storefront vacant then may have been leased since. A vacant storefront is not always on the market, and none here is listed on Leasemark unless it shows above.
NYC Department of Finance records
Owner, property tax and assessed value
The Department of Finance lists OE 87-40 121 ST LLC as the owner of record. For tax year 2026/27 the city values 87-40 121st Street at $13.9 million and assesses it at $6.24 million. After phase-ins and exemptions its taxable value is $4.32 million; at the Class 4 rate of 10.848% (tax year 2025/26, the latest rate the Department of Finance lists) that comes to about $468,673 a year before abatements, roughly $5.65 per square foot of floor area. Commercial leases here often pass a tenant's share of tax increases over a base year through as additional rent.
- Owner of record
- OE 87-40 121 ST LLC
- Tax class
- Class 4 (commercial and industrial)
- City market value
- $13,857,000
- Land market value
- $1,305,000
- Assessed value
- $6,235,650
- Taxable value (phased in)
- $4,320,360
- Estimated yearly tax
- About $468,673
- Tax per SF of floor area
- About $5.65
City market value by tax year
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How to find who owns any NYC buildingSource: NYC Department of Finance, Property Valuation and Assessment Data (2026/27 roll; owner names as the roll records them, which cuts some long names short), pulled 2026-10-16; tax rate from the Department of Finance tax rates page, checked 2026-09-28. The estimate is the taxable value times the class rate. It leaves out abatements, payment-in-lieu-of-taxes agreements and charges, so the actual bill can differ.
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NYC property records (ACRIS)
Sales history
87-40 121st Street last sold in January 2022 for $46.5 million, according to the deed recorded with the city. URBAN-SERS RICHMOND HILL, LLC sold it to OE 87-40 121 ST LLC. That comes to about $561 per square foot of floor area.
- Last sale (deed date)
- January 27, 2022
- Price
- $46,500,000
- Price per SF of floor area
- About $561
- Seller
- URBAN-SERS RICHMOND HILL, LLC
- Buyer
- OE 87-40 121 ST LLC
- Deed recorded
- February 15, 2022
- ACRIS document
- 2022020801440001
Source: NYC Department of Finance, ACRIS, Real Property Master, Legals and Parties, pulled 2026-10-16; prices as the deeds state them, names as recorded (companies and public bodies only). Shown are deeds that move the whole lot for a real price. Transfers between related companies for a nominal sum, sales of partial interests, land sales before the building went up and sales of the company that owns a building are left out.
NYC energy benchmarking (Local Law 84)
Energy use and emissions
87-40 121st Street's 2024 Local Law 84 benchmarking filing got no ENERGY STAR score (no single use that ENERGY STAR scores covers more than half of the floor area), and Local Law 33 letter grades come from that score, so the filing does not yield an A to D grade. Its site energy use came to 20.9 kBtu per square foot, 18% below the national median of 25.5 for a similar property. Its greenhouse gas emissions were about 157 metric tons of CO2e (1.72 kg per square foot).
- ENERGY STAR score (2024)
- None given
- Property type (Portfolio Manager)
- Self-Storage Facility
- Site energy use intensity
- 20.9 kBtu/SF
- National median for the type
- 25.5 kBtu/SF
- Greenhouse gas emissions
- 157 t CO2e
- Emissions per SF
- 1.72 kg CO2e
- Floor area in the filing
- 91,052 SF
Energy sources in 2024
Source: NYC Department of Buildings and Mayor's Office of Climate and Environmental Justice, NYC Building Energy and Water Data Disclosure for Local Law 84 (2024 filing), pulled 2026-10-16; grade cutoffs from the Department of Buildings energy grades page. Figures are as the owner filed them in ENERGY STAR Portfolio Manager.
Local Law 97 of 2019, estimated
Local Law 97 emissions limit
At its 2024 energy use, 87-40 121st Street comes to about 129 metric tons of CO2e a year under Local Law 97's coefficients, against a limit of 388 tons for 2024 to 2029 (33% of the limit), so it would owe no penalty. From 2030 the limit drops to 56 tons and the same energy use counts as about 92 tons, about 36 tons over, or an estimated $9,600 a year unless the building cuts its emissions.
- Period
- 2024 to 2029
- Emissions limit
- 388 t CO2e
- Estimated emissions
- 129 t CO2e
- Under the limit by
- 258 t CO2e
- Estimated penalty a year
- None
- Period
- 2030 to 2034
- Emissions limit
- 56 t CO2e
- Estimated emissions
- 92 t CO2e
- Over the limit by
- 36 t CO2e
- Estimated penalty a year
- $9,600
Estimated from the owner's 2024 Local Law 84 filing, which reports energy by source and floor area by use: Self-Storage Facility 91,052 SF. It applies the coefficients and per-use limits in Department of Buildings rule 1 RCNY 103-14 and Administrative Code 28-320.3.1.1 (as the Department lists them) and the $268 per ton penalty, checked 2026-10-04. It is not the building's Local Law 97 report: that report can count renewable energy credits, solar and storage deductions and, for 2024 and 2025, the law's occupancy group limits where higher, and penalties can be reduced for good faith efforts.
Change these numbers in the Local Law 97 calculator to see what a cut in energy use would do to the penalty.
How Local Law 97 works: who is covered, the 2030 limits and what owners, tenants and buyers should check.
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Questions about 87-40 121st Street
How big is 87-40 121st Street?
87-40 121st Street has about 83,000 square feet of floor area in total, including 83,000 square feet of industrial and storage space, according to NYC PLUTO 26v2. These are the city's estimates for the whole building, not space that is available.
When was 87-40 121st Street built?
City records list 1930 as the year built, with a major alteration recorded in 2016. The building is 6 floors tall.
What other addresses does 87-40 121st Street have?
City records list 87-40 to 87-48 121st Street on the same tax lot (BBL 4093300018) as 87-40 121st Street. A space listed on Leasemark at any of these addresses shows up on this page.
What is the ZIP code of 87-40 121st Street?
87-40 121st Street is in ZIP code 11418, according to the city's tax lot records (NYC PLUTO 26v2) and the Department of Finance's assessment roll. The full mailing address is 87-40 121st Street, Richmond Hill, NY 11418.
What is the zoning at 87-40 121st Street?
The lot is in the M1-5 zoning district. PLUTO lists a built floor area ratio (FAR) of 3.81 and a maximum commercial FAR of 5 for this lot.
What subway station is closest to 87-40 121st Street?
The closest subway station to 87-40 121st Street is 121 St (the J and Z trains), about 400 feet away in a straight line, roughly 2 minutes on foot. Also nearby: 111 St (the J train), 9 min walk; Jamaica-Van Wyck (the E train), 13 min walk. Walking times are straight-line estimates; the street route is longer.
Who owns 87-40 121st Street?
The NYC Department of Finance's 2026/27 assessment roll lists OE 87-40 121 ST LLC as the owner of record of 87-40 121st Street (BBL 4093300018). Big buildings are usually held through a company set up for that one property, so the name on the roll can differ from the landlord's brand or the managing agent. Deeds and mortgages for the lot are public in ACRIS, the city's property records system.
When was 87-40 121st Street last sold?
87-40 121st Street last sold in January 2022 for $46.5 million, according to the deed recorded with the city. URBAN-SERS RICHMOND HILL, LLC sold it to OE 87-40 121 ST LLC. That comes to about $561 per square foot of floor area. The deed is ACRIS document 2022020801440001 (BBL 4093300018) in the city's property records. A sale of the company that owns a building is not recorded as a deed, so it would not show there.
Does 87-40 121st Street have an energy grade?
87-40 121st Street's 2024 Local Law 84 benchmarking filing got no ENERGY STAR score (no single use that ENERGY STAR scores covers more than half of the floor area), and Local Law 33 letter grades come from that score, so the filing does not yield an A to D grade. Its site energy use came to 20.9 kBtu per square foot, 18% below the national median of 25.5 for a similar property. Its greenhouse gas emissions were about 157 metric tons of CO2e (1.72 kg per square foot).
Does 87-40 121st Street meet Local Law 97?
At its 2024 energy use, 87-40 121st Street comes to about 129 metric tons of CO2e a year under Local Law 97's coefficients, against a limit of 388 tons for 2024 to 2029 (33% of the limit), so it would owe no penalty. From 2030 the limit drops to 56 tons and the same energy use counts as about 92 tons, about 36 tons over, or an estimated $9,600 a year unless the building cuts its emissions. This is an estimate from the owner's 2024 benchmarking filing using the coefficients and per-use limits in the law and the Department of Buildings rule, at $268 per ton over. It is not the building's Local Law 97 report, which can count credits and deductions this estimate cannot.
What are the property taxes at 87-40 121st Street?
The Department of Finance's 2026/27 assessment roll lists a taxable value of $4.32 million for 87-40 121st Street. At the Class 4 rate of 10.848% (tax year 2025/26, the latest rate the Department of Finance lists), that is about $468,673 a year, roughly $5.65 per square foot of floor area, before abatements such as ICAP. The city's property tax records for BBL 4093300018 show the actual bill.
What is the assessed value of 87-40 121st Street?
For tax year 2026/27, the NYC Department of Finance puts the market value of 87-40 121st Street at $13.9 million ($1.3 million of it land) and its assessed value at $6.24 million, the 45% of market value the city assesses for Class 4 property. The city's market value rose 73% from 2022/23 ($8.02 million) to 2026/27.
Are there vacant storefronts at 87-40 121st Street?
Owners registered one storefront at 87-40 121st Street for December 31, 2025, the newest annual filing the city has published, and it was not vacant that day. These are the owners' filings with the Department of Finance under Local Law 157, so a storefront may have come free since. Owners and brokers can list a storefront on Leasemark for free.
Is there industrial and storage space for lease at 87-40 121st Street?
No space at 87-40 121st Street is listed on Leasemark right now. Owners and brokers can list space here for free, and tenants can post a requirement to be matched when space opens up.
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Richmond Hill
Transit hubs in Richmond Hill
- J at 121 St
- J at 111 St
- J at 104 St
- Van Wyck Expressway