Adam Gold pays $7.3M for industrial in Maspeth

Adam Gold through the entity Maspeth Usa Inc. paid $7.3 million to Shou An Li through the entity Karp Associates Inc. for the industrial building at 54-59 43rd Street in Maspeth, Queens.
The deal closed on May 9, 2022 and was recorded on June 8, 2022. The property has 15,320 square feet of built space and 15,554 square feet of additional air rights for a total buildable of 30,800 square feet according to PincusCo analysis of city data. The sale price per built square foot is $476 and the price per buildable square foot is $237 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 April 29, 2015, for $2.9 million. The signatory for Shou An Li was Shou An Li. The signatory for Adam Gold was Adam Gold.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Adam Gold had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Shou An Li had not purchased any other properties and had not sold any properties over the same time period. The 15,320-square-foot property generated revenue of $293,401 or $19 per square foot, according to the most recent income and expense figures.

The property

The 54-59 43rd Street parcel has frontage of 140 feet and is 116 feet deep with a total lot size of 15,400 square feet. The lot is irregular. The zoning is M2-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1.4 million.

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 not received any significant violations 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 bulk, or 46 percent of the 38.7 million square feet of commercial built space are 1-4 family buildings, with industrial buildings next occupying 39 percent of the space. In sales, Maspeth has 1.9 times the average sales volume among other neighborhoods with $538 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Maspeth has 1.9 times the average amount of major developments relative to other neighborhoods and is the 7th highest in Queens. It had 1.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

All properties are industrial.

Surrounding

Within a 400-foot radius of 54-59 43rd Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was in new building development. It was a new building permit application filed on December 15, 2020 for a 20,223-square-foot F-2 building at 54-54 43rd Street.
Of those two items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on September 28, 2021 for the $549,994 renovation of 11,410-square-foot I building with zero residential units at 55-06 43rd Street.

Direct link to Acris document. link