Bram Auto Group pays $17.4M for industrial building in Woodside

Bram Auto Group through the entity 40-40 Northern LLC paid $17.4 million to Jong Chul Hong through the entity Jongsera Realty Corp for industrial building (E1) at 56-08 37th Avenue in Woodside, Queens.
The deal closed on January 18, 2023 and was recorded on January 24, 2023. The property has 52,291 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $332 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 Jong Chul Hong was Seoun K. Kim.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Bram Auto Group had purchased any other properties and sold two properties in two transactions for a total of $128.5 million over the past 24 months.
The seller Jong Chul Hong had not purchased any other properties and had not sold any properties over the same time period. The 52,291-square-foot property generated revenue of $660,958 or $13 per square foot, according to the most recent income and expense figures.

The property

The 56-08 37th Avenue parcel has frontage of 200 feet and is 125 feet deep with a total lot size of 25,000 square feet. 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 $2.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The neighborhood

In Woodside, the bulk, or 27 percent of the 12.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 24 percent of the space. In sales, Woodside has had very little sales volume relative to other neighborhoods with $135.3 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 845,056 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.

The block

On this tax block, PincusCo has identified the owners of one of the eight commercial properties representing 46,906 square feet of the 130,157 square feet. The identified owner is Broadway Stages.
There are no active new building construction projects on this tax block.

All properties are industrial.

The buyer

The PincusCo database currently indicates that Bram Auto Group owned at least 29 commercial properties in New York City with 292,187 square feet and a city-determined market value of $65.6 million. (Market value is typically about 50% of actual value.) The portfolio has $10.5 million in debt, borrowed from Toyota Motor Credit Corporation. Within the portfolio, the bulk, or 77 percent of the 292,187 square feet of built space are industrial properties, with retail properties next occupying 20 percent of the space. The bulk, or 79 percent of the built space, is in Brooklyn, with Manhattan next at 12 percent of the space.

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