Antonio Colarusso pays $6.3M for two industrial buildings in Whitestone

Antonio Colarusso through the entity Mva Powell’S Cove LLC paid $6.3 million to Estate of Lucy Petretti for industrial buildings at 151-59 Powells Cove Boulevard in Whitestone, Queens and industrial building at 151-57 Powells Cove Boulevard in Whitestone, Queens.
The deal closed on January 28, 2022 and was recorded on February 18, 2022.
The two properties have 12,000 square feet of built space and 19,688 square feet of additional air rights for a total buildable of 31,600 square feet according to PincusCo analysis of city data. The sale price per built square foot is $525 and the price per buildable square foot is $199 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 the Estate of Lucy Petretti was Richard Biaggi. The signatory for Antonio Colarusso was Antonio Colarusso.

The two properties with a total of 12,000 square feet of built space generated revenue of $220,586 per year or $18 per square foot. The sale price per square foot was $525.

In Whitestone, the majority, or 69 percent of the 22.1 million square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 11 percent of the space. In sales, Whitestone has the 47th highest sale turnover among other neighborhoods in Queens with $3.9 million in sales volume in the last two years. For development, Whitestone has had very little major development activity relative to other neighborhoods.It had 51,436 square feet of commercial and multi-family construction under development in the last two years, which represents 0.23 percent of the neighborhood’s built space.
On the tax block, the majority, or 100 percent of the 20,740 square feet of built space are industrial buildings.

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