American Realty Advisors pays $260M to SunCap, Parkwill for distribution center in Maspeth

Los Angeles-based American Realty Advisors through the entity SVF Fifty-Seventh Avenue Queens, LLC paid SunCap Property Group and Parkwill Management Corp.’s Fifty Seven Avenue Management, LLC, $259.6 million for 46-06 57th Avenue, and another parcel on 57th Avenue, in Maspeth. The installment sale deal closed on September 26, 2019, and was recorded on October 2, 2019. The transaction consists of 2 parcels, including the new 362,474-square-foot FedEx distribution site, a tax class fireproof warehouse (E1). The sale to American Realty Advisors was originally announced in February 2018 after a deal by logistics company Prologis fell apart, as reported by Crain’s at the time, which said Cushman & Wakefield’s Adam Spies and Doug Harmon represented SunCap in the sale.
The last time the property sold was May 9, 2016, for $55,767,474, when SunCap bought the then-vacant site.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the new distribution building on February 2, 2018.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $313,407. And there was the new building permit application totaling 362,474 square feet for the distribution center.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.