Antonio Mourtil pays $4.55M for 5 industrial parcels in Maspeth

Antonio Mourtil pays $4.55 million to the Estate of Timothy G. Ahern for five industrial properties in Maspeth in two separate transactions.

In the first, Antonio Mourtil through the entity 49 One Holdings LLC paid $2.4 million to Estate of Timothy G. Ahern for the midblock industrial building at 69-14 49th Avenue in Maspeth, Queens.
The deal closed on May 4, 2022 and was recorded on May 17, 2022. The property has 9,200 square feet of built space and 800 square feet of additional air rights for a total buildable of 10,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $255 and the price per buildable square foot is $235 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 July 24, 2013, for $2.8 million.

Antonio Mourtil through the entity 49 Three Holdings LLC paid $2.2 million to Estate of Timothy G. Ahern through the entity Timothy Ahern, Deceased for midblock industrial building at 49-04 70th Street, 49-02 70th Street, 69-32 49th Avenue and one other property in Maspeth, Queens. The deal closed on May 4, 2022 and was recorded on May 17, 2022. The four properties have 3,425 square feet of built space and 9,489 square feet of additional air rights for a total buildable of 12,900 square feet according to PincusCo analysis of city data. The sale price per built square foot is $642 and the price per buildable square foot is $170 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 Estate of Timothy G. Ahern was Timothy G. Ahern. The signatory for Antonio Mourtil was Antonio Mourtil. Timothy G. Ahern is deceased. An individual also named Timothy G. Ahern is the executer of his estate.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Antonio Mourtil had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Estate of Timothy G. Ahern had not purchased any other properties and had not sold any properties over the same time period. The 9,200-square-foot property generated revenue of $176,548 or $19 per square foot, according to the most recent income and expense figures.

The property

The 69-14 49th Avenue parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $804,000.

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 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 is one new building construction project filed totaling 9,084 square feet. It is a 9,084-square-foot A-3 building developed by Kevin Quo with plans filed June 28, 2012 and it has not been permitted yet.

The majority, or 65 percent of the 83,727 square feet of built space are industrial buildings, with retail buildings next occupying 14 percent of the space.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 69-14 49th Avenue that occurred over the past 24 months.

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