A. Duie Pyle pays $5.9M for office in Maspeth

A. Duie Pyle through the entity Nym Ltl, LLC paid $5.9 million to Haidong Weng through the entity 4901 Grand Ave Property LLC for office building (O1) at 49-01 Grand Avenue in Maspeth, Queens.
The deal closed on September 30, 2022 and was recorded on October 4, 2022. The property has 4,000 square feet of built space and 24,355 square feet of additional air rights for a total buildable of 28,320 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,475 and the price per buildable square foot is $208 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on January 30, 2020, for $3.9 million. The signatory for Haidong Weng was Haidong Weng. The signatory for A. Duie Pyle was Peter Latta.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer A. Duie Pyle purchased two properties in two transactions for a total of $50.1 million and has no record it sold any properties over the past 24 months.
The seller Haidong Weng had not purchased any other properties and had not sold any properties over the same time period. The 4,000-square-foot property generated revenue of $147,680 or $37 per square foot, according to the most recent income and expense figures.

The property

The 49-01 Grand Avenue parcel has frontage of 206 feet and is 80 feet deep with a total lot size of 14,160 square feet. The lot is irregular. The zoning is M3-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $824,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $880 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Maspeth, the majority, or 75 percent of the 20 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 8 percent of the space. In sales, Maspeth has 2.3 times the average sales volume among other neighborhoods with $798.8 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Maspeth has 2.7 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Queens. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 14 commercial properties representing 227,438 square feet of the 486,531 square feet. The largest owner is A. Duie Pyle, followed by Benjamin Weshler and then Johnny Song Lin.
there are no active new building construction projects on this tax block.

The majority, or 99 percent of the 486,531 square feet of built space are industrial buildings, with office buildings next occupying 1 percent of the space.

The buyer

The PincusCo database currently indicates that A. Duie Pyle owned at least two commercial properties in New York City with 100,000 square feet and a city-determined market value of $6.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are industrial properties. They are all located in Queens.

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