Bus company buys Maspeth location for $12.5M

An affiliate of the Brooklyn-based transportation company Accord Bus through the entity IJRH Maspeth Property LLC paid $12.5 million to Enrico Manetta through the entity R&L Properties, LLC for the industrial building (E2) at 44-17 54th Drive in Maspeth, Queens, industrial building (E2) at 44-21 54th Drive in Maspeth, Queens, and an 18,015-square foot open lot (G7) at 44-18 54th Road in Maspeth, Queens. The expected use is owner-occupied.

The company was awarded a $1.6 million contract by the city’s Department of Education, according to records from a January 2025 meeting.
The deal closed on January 29, 2025 and was recorded on February 7, 2025. The three properties have 12,000 square feet of built space and 40,030 square feet of additional air rights for a total buildable of 52,030 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,041 and the price per buildable square foot is $240 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 Enrico Manetta was Enrico Manetta. The signatory for Accord Bus was Marat Fayer. The contract date was February 15, 2024. Sofia and Marat Fayer are executives with Accord Bus.

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 44-17 54th Drive.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Marat Fayer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Enrico Manetta had not purchased any other properties and had not sold any properties over the same time period. Out of the three properties, two with a total of 12,000 square feet of built space generated revenue of $389,580 per year.

The property

The industrial building in Maspeth has 12,000 square feet of built space and 40,030 square feet of additional air rights for a total buildable of 52,030 square feet according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 100 feet deep with a total lot size of 4,000 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 $1.3 million. The most recent loan totaled 0.0 and was provided by JY Capital Group on July 6, 2023.

Violations and lawsuits

The properties were involved in two lawsuits over the past two years. The highest value suit was a $16.1 million commercial foreclosure concerning a loan filed on September 12, 2024, by JY Capital Group and Alexander Hofstedter against Enrico Manetta. In addition, according to city public data, the properties have 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 $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 1.4 times the average sales volume among other neighborhoods with $366.6 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 435,015 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There were 14 pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On the tax block of 44-17 54th Drive, PincusCo has identified the owners of six of the 10 commercial properties representing 23,800 square feet of the 35,380 square feet. The largest owner is Enrico Manetta, followed by Israel Cohen Familylimited Partnership Of Howard S Cohen Md and then Spyros Panagiotopoulos.
On the tax block, there was one new building construction project filed totaling 8,406 square feet. It is a 8,406 square-foot storage (S-1) building submitted by Nicholas Manetta with plans filed September 15, 2021 and it has not been permitted yet.

The majority, or 100 percent of the 35,380 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that Enrico Manetta owned at least nine commercial properties with 14 residential units in New York City with 45,157 square feet and a city-determined market value of $12.2 million. (Market value is typically about 50% of actual value.) The portfolio has $16.1 million in debt, borrowed from H&O Capital Funding and JY Capital Group. Within the portfolio, the bulk, or 56 percent of the 45,157 square feet of built space are industrial properties, with office properties next occupying 17 percent of the space. They are all located in Queens.

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