Cement and Concrete Workers pays $14.7M for new office building in Bayside

Cement and Concrete Workers through the entity Cement & Concrete Workers Pension Fund Holding paid $14.7 million to Anthony Chiodi, John Chiodi, and Edward F. Linekin through the entity Bell Station Realty LLC for office building at 42-11 214th Place in Bayside, Queens.
The deal closed on May 16, 2022 and was recorded on June 2, 2022. The property has 30,122 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $488 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 May 11, 2016, for $1 million. The signatory for Anthony Chiodi, John Chiodi, and Edward F. Linekin was Anthony Chiodi. Anthony Chiodi, John Chiodi and Edward F. Linekin signed on the previous mortgage for the property.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Cement and Concrete Workers had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Anthony Chiodi had not purchased any other properties and had not sold any properties over the same time period. The 30,122-square-foot property generated revenue of $1.6 million or $54 per square foot, according to the most recent income and expense figures.

The property

The 42-11 214th Place parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,500 square feet. The zoning is C8-1 which allows for up to 1 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $1.6 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 received one DOB violation in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on May 5, 2022. On these lots, there are three active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 27,570 square feet. The largest is a new building project for a 18,000-square-foot B building developed by Anthony Chiodi with plans filed May 23, 2017 and permitted October 22, 2018. The second largest is a new building project for a 40-unit, 7,388-square-foot R-1 building developed by Anthony Chiodi with plans filed February 5, 2015 and it has not been permitted yet.

The neighborhood

In Bayside, the majority, or 70 percent of the 28.8 million square feet of commercial built space are 1-4 family buildings, with specialty buildings next occupying 12 percent of the space. In sales, Bayside has the 24th highest sale turnover among other neighborhoods in Queens with $42.5 million in sales volume in the last two years. For development, Bayside has had very little major development activity relative to other neighborhoods.It had -664,556 square feet of commercial and multi-family construction under development in the last two years, which represents -2.31 percent of the neighborhood’s built space.

The block

The majority, or 56 percent of the 106,410 square feet of built space are 1-4 family buildings, with office buildings next occupying 28 percent of the space.

Surrounding

Within a 400-foot radius of 42-11 214th Place, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a permit issued on July 1, 2020 for the $5.5 million renovation of 45,585-square-foot S-1 building with no residential units at 215-01 42nd Avenue.

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