C.A.C. Industries pays $9M to Teamsters local for LIC commercial

C.A.C. Industries, a contractor, through the entity Sibs Four LLC paid $9 million to Teamsters Local 810 through the entity 24-09 38th Avenue LLC for the office building (O2) at 24-09 38th Avenue also known as 37-45 24th Street, and the industrial building (G7) at 37-25 24th Street in Long Island City, Queens.
The deal closed on March 12, 2025 and was recorded on March 17, 2025. The two properties have 24,370 square feet of built space and 26,030 square feet of additional air rights for a total buildable of 49,730 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $369 and the price per buildable square foot is $180 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 Teamsters Local 810 was Michael Smith. The signatory for C.A.C. Industries was Michael A. Capasso. The contract date was December 17, 2024. Louis Smith, former president of the Teamsters Local 810 from about 2000 to 2013, signed for the Teamsters loan when it bought the property in 2009 for $8.5 million. Louis Smith pleaded guilty in 2016 to receiving kickbacks related to his union position. Michael Smith is the current president of the local.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer C.A.C. Industries had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Teamsters Local 810 had not purchased any other properties and had not sold any properties over the same time period. Out of the two properties, one with a total of 24,370 square feet of built space generated revenue of $675,248 per year.

The property

The office building in Long Island City has 24,370 square feet of built space and 26,030 square feet of additional air rights for a total buildable of 49,730 square feet according to a PincusCo analysis of city data. The parcel has frontage of 118 feet and is 100 feet deep with a total lot size of 11,850 square feet. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $2.3 million.

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 $1,180 in OATH penalties in the last year.

Development

For the tax lot buildings, two out of the two buildings received a initial certificate of occupancy in the last ten years. 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 the 9th highest sale turnover among other neighborhoods in the city with $1.2 billion in sales volume in the last two years. For development, Long Island City is the 7th most active neighborhood among other neighborhoods. It had 6.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.

The block

On the tax block of 37-45 24th Street, PincusCo has identified the owners of one of the nine commercial properties representing zero square feet of the 89,630 square feet. The identified owner is Zd Jasper Realty.
On the tax block, there was one new building construction project filed totaling 39,035 square feet. It is a 39-unit, 39,035 square-foot residential (R-2) building submitted by Wu Jasper with plans filed March 11, 2025 and it has not been permitted yet.

The majority, or 66 percent of the 89,630 square feet of built space are industrial buildings, with office buildings next occupying 27 percent of the space.

The buyer

The PincusCo database currently indicates that C.A.C. Industries owned at least four commercial properties in New York City with 37,350 square feet and a city-determined market value of $8.5 million. (Market value is typically about 50% of actual value.) The portfolio has $25.3 million in debt, borrowed from M&T Bank. Within the portfolio, the bulk, or 98 percent of the 37,350 square feet of built space are industrial properties, with specialty properties next occupying 2 percent of the space. They are all located in Queens.

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