City Fresh Market owner pays $12M to for retail in Woodside

Martin Espinal of City Fresh Market through the entity Espinal Partners LLC paid $12 million to Angelo Avena through the entity Woodside 31st Avenue LLC for the retail building (K1) at 54-02 31st Avenue in Woodside, Queens. The expected use is owner occupied.
The deal closed on November 26, 2024 and was recorded on December 6, 2024. The property has 13,267 square feet of built space and 7,716 square feet of additional air rights for a total buildable of 20,967 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $904 and the price per buildable square foot is $572 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 Angelo Avena was Angelo Avena. The signatory for City Fresh Market was Martin A. Espinal. The contract date was October 29, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer City Fresh Market purchased one property in one transaction for a total of $8.7 million and has no record it sold any properties over the past 24 months.
The seller Angelo Avena had not purchased any other properties and had not sold any properties over the same time period. The 13,267-square-foot property generated revenue of $753,858 or $57 per square foot, according to the most recent income and expense figures.

The property

The retail building in Woodside has 13,267 square feet of built space and 7,716 square feet of additional air rights for a total buildable of 20,967 square feet according to a PincusCo analysis of city data. The parcel has frontage of 195 feet and is 86 feet deep with a total lot size of 16,774 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4.4 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 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 Woodside, The bulk, or 27 percent of the 12.7 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 23 percent of the space. In sales, Woodside has had very little sales volume relative to other neighborhoods with $182.6 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 551,691 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

All properties are retail.

The buyer

The PincusCo database currently indicates that City Fresh Market owned at least one commercial property in New York City with 10,000 square feet and a city-determined market value of $2.8 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single retail property. It is located in Queens.

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