Bogopa Enterprises pays $101.1M to Gould Investors for retail, dev site in Long Island City
42-02 Northern Boulevard (Credit - Cyclomedia)
Bogopa Enterprises, which frequently partners with Shorewood Real Estate Group, through the entity 42-02 NB Owner LLC paid $101.1 million to Gould Investors through the entity Gould Queens Property LLC for the retail building (K6) at 42-02 Northern Boulevard in Long Island City, Queens. The expected use is ground up development. Bogopa operates a grocery store on this parcel.
The deal closed on March 6, 2026 and was recorded on March 9, 2026. The property has 74,637 square feet of built space and 656,464 square feet of additional air rights for a total buildable of 731,030 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,354 and the price per buildable square foot is $138 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 December 3, 2007, for $176.9 million. The signatory for Gould Investors was Mark Lundy . The signatory for Bogopa Enterprises and Shorewood Real Estate Group was Edward Suh . The contract date was October 2, 2024. It was unknown if Shorewood Real Estate Group was involved in this project, it did not immediately respond to a request for comment.
Recent Bogopa Stories:
• Shorewood, Spencer An pay $28.5M for dev site in Mott Haven (December 31, 2024)
• Spencer An refinances $80M loan for new 233-unit rental in Bedford Stuyvesant (July 25, 2024)
Prior sales, articles and revenue
Prior to this transaction, PincusCo has no record that the buyer Bogopa Enterprises had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Gould Investors had not purchased any other properties and sold five properties in four transactions for a total of $36.5 million over the same time period. The 74,637-square-foot property generated revenue of $2.5 million or $34 per square foot, according to the most recent income and expense figures.
The property
The retail building in Long Island City has 74,637 square feet of built space and 656,464 square feet of additional air rights for a total buildable of 731,030 square feet according to a PincusCo analysis of city data. The parcel has frontage of 391 feet and is 435 feet deep with a total lot size of 146,206 square feet. The lot is irregular. The zoning is M1-5 which allows for up to 5 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $11.9 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 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 Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has 3.1 times the average sales volume among other neighborhoods with $1 billion in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 8th most active neighborhood among other neighborhoods. It had 7.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of seven of the 22 commercial properties representing 139,033 square feet of the 655,496 square feet. The largest owner is Spencer An, followed by Goodman Group and then Diego Berdakin.
On the tax block, there was one new building construction project filed totaling 688,340 square feet. It is a 688,340 square-foot 73 building submitted by Goodman Group and filed by Charles Stehlik with plans filed June 16, 2023 and it has not been permitted yet.
The majority, or 89 percent of the 655,496 square feet of built space are industrial buildings, with retail buildings next occupying 11 percent of the space.
The seller
The PincusCo database currently indicates that Gould Investors owned at least two commercial properties in New York City with 297,902 square feet and a city-determined market value of $123.3 million. (Market value is typically about 50% of actual value.) The portfolio has $45 million in debt, borrowed from AIG. Within the portfolio, the bulk, or 97 percent of the 297,902 square feet of built space are office properties, with retail properties next occupying 3 percent of the space. They are all located in Manhattan.
The buyer
The PincusCo database currently indicates that Shorewood Real Estate Group owned at least four commercial properties with 448 residential units in New York City with 357,395 square feet and a city-determined market value of $32.6 million. (Market value is typically about 50% of actual value.) The portfolio has $110.1 million in debt, borrowed from East West Bank and Bayview Commercial Mortgage Finance, LLC. Within the portfolio, the bulk, or 91 percent of the 357,395 square feet of built space are elevator properties, with retail properties next occupying 5 percent of the space. The bulk, or 97 percent of the built space, is in Queens, with Bronx next at 3 percent of the space.
The PincusCo database currently indicates that Bogopa Enterprises owned at least two commercial properties with 125 residential units in New York City with 21,916 square feet and a city-determined market value of $8.6 million. (Market value is typically about 50% of actual value.) The portfolio has $90 million in debt, borrowed from KeyBank. Within the portfolio, the bulk, or 87 percent of the 21,916 square feet of built space are retail properties, with industrial properties next occupying 13 percent of the space. The bulk, or 87 percent of the built space, is in Queens, with Bronx next at 13 percent of the space.
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