Armored transport company pays $6M for industrial in Woodside

The family that owns IBI Armored Services through the entity Shields Realty II LLC paid $6 million to Barbara J. Scott through the entity A. & Y. Realty Corp. for the industrial building (G1) at 58-17 28th Avenue in Woodside, Queens.
The deal closed on June 2, 2023 and was recorded on June 8, 2023. The property has 14,550 square feet of built space for a total buildable of 14,600 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $412 and the price per buildable square foot is $410 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 Barbara J. Scott was Barbara J. Scott. The signatory for IBI Armored Services was Michael Shields. The seller family bought the property in 1954. Michael Shields is an executive with IBI Armored Services.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer IBI Armored Services had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Barbara J. Scott had not purchased any other properties and had not sold any properties over the same time period. The 14,550-square-foot property generated revenue of $213,022 or $15 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Woodside has 14,550 square feet of built space for a total buildable of 14,600 square feet according to a PincusCo analysis of city data. The parcel has frontage of 152 feet and is 117 feet deep with a total lot size of 14,600 square feet. The lot is irregular. 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 $1.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. 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 $1 million on this tax lot.

The neighborhood

In Woodside, The bulk, or 27 percent of the 12.7 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 23 percent of the space. In sales, Woodside has had very little sales volume relative to other neighborhoods with $171 million in sales volume in the last two years. For development, Woodside has had very little major development activity relative to other neighborhoods.It had 817,445 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the three commercial properties representing 9,831 square feet of the 37,081 square feet. The identified owner is Constantinos Dramisiotis.
There are no active new building construction projects on this tax block.

All properties are industrial.

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