Arthur Rykiel pays $2.3M for industrial in Maspeth

Arthur Rykiel through the entity Five Star Properties NYC LLC paid $2.3 million to Matthew Weinberg through the entity 58-70 57th Road Realty, LLC for the industrial building (F4) at 58-70 57th Road in Maspeth, Queens.
The deal closed on August 31, 2023 and was recorded on September 13, 2023. The property has 2,920 square feet of built space and 2,029 square feet of additional air rights for a total buildable of 4,949 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $774 and the price per buildable square foot is $457 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 August 30, 2017, for $850,000. The signatory for Matthew Weinberg was Matthew Weinberg. The signatory for Arthur Rykiel was Arthur Rykiel. The contract date was December 3, 2022. The contract date says 12/3/2023 but that is impossible since that’s after the closing date. PincusCo changed the contract date to 12/3/2022.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Arthur Rykiel had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Matthew Weinberg had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Maspeth has 2,920 square feet of built space and 2,029 square feet of additional air rights for a total buildable of 4,949 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 99 feet deep with a total lot size of 4,949 square feet. The zoning is M1-1D which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $315,000.

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 received $480 in OATH penalties 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 Maspeth, The majority, or 73 percent of the 22.3 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 8 percent of the space. In sales, Maspeth has 2.2 times the average sales volume among other neighborhoods with $778.9 million in sales volume in the last two years and is the 4th highest in Queens. For development, Maspeth has 1.5 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Queens. It had 1.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space. There were 10 pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On the tax block, there were two new building construction projects totaling 4,082 square feet. The largest is a one-unit, 2,275 square-foot 73 building submitted by Paul Rifino with plans filed August 14, 2023 and it has not been permitted yet. The second largest is a 1,807 square-foot storage (S-2) building submitted by Stephen Foy with plans filed October 23, 2017 and it has not been permitted yet.

The majority, or 97 percent of the 157,148 square feet of built space are industrial buildings, with mixed-use buildings next occupying 3 percent of the space.

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