Bay Crane pays $23M to A.J. McNulty & Co. for 9 industrial properties in Maspeth

Bay Crane Companies paid $23 million to affiliates of the Weiss family which owns A.J. McNulty & Co., for nine industrial properties in Maspeth, Queens, in two transactions.

In the first, Bay Crane Companies through the entity 53-20 44th Street Owner, LLC paid $16.1 million to A.J. McNulty & Co. through the entity Weiss Real Estate Development, LLC for the industrial building (E9) at 54-04 44th Street in Maspeth, Queens, and two other nearby properties.
The deal closed on July 7, 2023 and was recorded on July 27, 2023. The three properties have 5,670 square feet of built space and 85,733 square feet of additional air rights for a total buildable of 91,482 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $2,839 and the price per buildable square foot is $175 per the PincusCo analysis.

In the second transaction, Bay Crane Companies through the entity 53-20 44th Street Owner, LLC paid $6.9 million to A.J. McNulty & Co. through the entity Ashland Steel Construction Corporation for six lots including at 54-03 43rd Street and 54-13 43rd Street in Maspeth, Queens. The deal closed on July 7, 2023 and was recorded on July 27, 2023. The six properties have zero square feet of built space and 60,088 square feet of additional air rights for a total buildable of 60,088 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $114 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 A.J. McNulty & Co. was Robert Weiss. The signatory for Bay Crane Companies was Kenneth Bernardo. The contract date was February 27, 2023. Kenneth Bernardo is with Bay Crane. A construction trade publication reported that Bay Crane acquired an affiliate of A.J.  McNulty & Co.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 54-04 44th Street.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Bay Crane Companies had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller A.J. McNulty & Co. had not purchased any other properties and had not sold any properties over the same time period. Out of the three properties, one with a total of 5,670 square feet of built space generated revenue of $139,088 per year.

The property

The industrial building in Maspeth has 5,670 square feet of built space and 85,733 square feet of additional air rights for a total buildable of 91,482 square feet according to a PincusCo analysis of city data. The parcel has frontage of 143 feet and is 200 feet deep with a total lot size of 28,741 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 $868,000.

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 received $1,000 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 2.1 times the average sales volume among other neighborhoods with $758.8 million in sales volume in the last two years and is the 4th highest in Queens. For development, Maspeth has 1.8 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Queens. It had 1.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

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

The majority, or 62 percent of the 13,195 square feet of built space are industrial buildings, with office buildings next occupying 38 percent of the space.

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