Bestway Carting pays $14.8M to Prologis for two properties in Maspeth

Bestway Carting through the entity 57-57 & 57-05 47th St LLC paid $14.8 million to Prologis through the entity 47th Street & 58th Road LLC for the industrial building (E9) at 57-05 47th Street in Maspeth, Queens and vacant lot (V1) at 57-57 47th Street in Maspeth, Queens.
The deal closed on June 6, 2024 and was recorded on June 21, 2024. The two properties have 6,990 square feet of built space and 64,203 square feet of additional air rights for a total buildable of 69,332 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $2,110 and the price per buildable square foot is $212 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 Prologis was Megan C. Robert. The signatory for Bestway Carting was Luciano Casagrande. The contract date was June 6, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Bestway Carting had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Prologis purchased one properties in one transactions for a total of $51 million and had not sold any properties over the same time period. Out of the two properties, one with a total of 6,990 square feet of built space generated revenue of $51,354 per year.

The property

The industrial building in Maspeth has 6,990 square feet of built space and 64,203 square feet of additional air rights for a total buildable of 69,332 square feet according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 222 feet deep with a total lot size of 30,166 square feet. The lot is irregular. The zoning is M3-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $937,000.

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 $600 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 1.2 times the average sales volume among other neighborhoods with $310.2 million in sales volume in the last two years and is the 4th highest in Queens. For development, Maspeth has had very little major development activity relative to other neighborhoods.It had 605,377 square feet of commercial and multi-family construction under development in the last two years, which represents 3 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 of 57-05 47th Street, PincusCo has identified the owners of seven of the 26 commercial properties representing 239,671 square feet of the 1,342,778 square feet. The largest owner is Seagis Property Group, followed by Prologis and then J&J Farms Creamery.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 1.3 million square feet of built space are industrial buildings, with office buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that Prologis owned at least 19 commercial properties in New York City with 347,800 square feet and a city-determined market value of $46.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 61 percent of the 347,800 square feet of built space are industrial properties, with E1 properties next occupying 37 percent of the space. The bulk, or 62 percent of the built space, is in Brooklyn, with Bronx next at 19 percent of the space.

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