Andon Iksino of Xinos Construction pays $5.6M for industrial properties in College Park

Andon Iksino of Xinos Construction through the entity 109-10 15th Ave LLC paid $5.6 million to affiliates of Kaplon-Belo Affiliates through the entity JB Vernon LLC (and others) for the industrial building (E9) at 109-10 15th Avenue in College Point, Queens, specialty building (Z9) at 110-00A 15th Avenue in Queens, and office building (O1) at 110-00 15th Avenue in College Point, Queens, and others.
The deal closed on April 30, 2024 and was recorded on May 3, 2024. The eight properties have 4,972 square feet of built space and 978,897 square feet of additional air rights for a total buildable of 983,866 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,126 and the price per buildable square foot is $5 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 signatory for Kaplon-Belo Affiliates was Matthew Kaplon. The signatory for Xinos was Andon Iksino. The contract date was September 12, 2022. Kaplon-Belo Real Estate, a related company, is an owner, a third-party manager and broker.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Andon Iksino had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Kaplon-Belo Affiliates had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in College Point has 4,972 square feet of built space and 978,897 square feet of additional air rights for a total buildable of 983,866 square feet according to a PincusCo analysis of city data. The parcel has frontage of 175 feet and is 100 feet deep with a total lot size of 17,500 square feet. 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 $656,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have 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 $1 million on this tax lot.

The neighborhood

In College Point, The bulk, or 48 percent of the 10.7 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 21 percent of the space. In sales, College Point has had very little sales volume relative to other neighborhoods with $178 million in sales volume in the last two years. For development, College Point has had very little major development activity relative to other neighborhoods.It had 176,351 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

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

The majority, or 60 percent of the 4,972 square feet of built space are industrial buildings, with specialty buildings next occupying 32 percent of the space.

The buyer

The PincusCo database currently indicates that Andon Iksino owned at least 10 commercial properties with 49 residential units in New York City with 51,857 square feet and a city-determined market value of $10.4 million. (Market value is typically about 50% of actual value.) The portfolio has $5.6 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 68 percent of the 51,857 square feet of built space are walkup properties, with mixed-use properties next occupying 20 percent of the space. The bulk, or 68 percent of the built space, is in Brooklyn, with Queens next at 32 percent of the space.