Carlo Bordone pays $4M for industrial in Long Island City

Carlo Bordone through the entity 22-02 37th Avenue LLC paid $4 million to Roger Miller and Kenneth Miller through the entity Bohemia 22, LLC for the industrial building (G2) at 22-02 37th Avenue in Long Island City, Queens.
The deal closed on March 13, 2025 and was recorded on March 19, 2025. The property has 10,000 square feet of built space and 40,000 square feet of additional air rights for a total buildable of 50,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $395 and the price per buildable square foot is $79 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 Roger Miller and Kenneth Miller was Roger Miller and Kenneth Miller. The signatory for Carlo Bordone was Carlo Bordone. The contract date was October 28, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Carlo Bordone had purchased any other properties and sold one property in one transaction for a total of $3.2 million over the past 24 months.
The seller Roger Miller had not purchased any other properties and had not sold any properties over the same time period. The 10,000-square-foot property generated revenue of $175,158 or $18 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Long Island City has 10,000 square feet of built space and 40,000 square feet of additional air rights for a total buildable of 50,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 square feet. The zoning is M1-3 which allows for up to 5 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1.1 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 $460 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 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. There were three pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of one of the five commercial properties representing 31,060 square feet of the 107,373 square feet. The identified owner is Bldg Management.
There are no active new building construction projects on this tax block.

All properties are industrial.

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