Construction firm pays $31.9M to OHLA USA for office building in College Point

Hallen Construction Company paid $31.9 million to OHLA USA through the entity Judlau Contracting, Inc. for the office building (E1) at 26-15 Ulmer Street in College Point, Queens.
The deal closed on July 1, 2024 and was recorded on July 11, 2024. The property has 28,705 square feet of built space and 214,030 square feet of additional air rights for a total buildable of 243,216 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,109 and the price per buildable square foot is $130 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 OHLA USA was Brad Nystrom. The signatory for Hallen Construction Company was Darren E. Austin. The contract date was May 13, 2024.

OHLA USA is a construction management company, and the US branch of a Madrid Spain firm.  According to the firm, “OHLA USA is the U.S. division of the Madrid-based construction company Obrascón Huarte Lain, S.A. (OHLA Group), headquartered in Madrid, Spain.”

Hallen Construction Company is involved with contracting services. The parcel was formerly owned by Judlau Contracting which is now part of OHLA.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Hallen Construction Company had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller OHLA USA had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in College Point has 28,705 square feet of built space and 214,030 square feet of additional air rights for a total buildable of 243,216 square feet according to a PincusCo analysis of city data. The parcel has frontage of 184 feet and is 486 feet deep with a total lot size of 121,608 square feet. The lot is irregular. 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 $3.5 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 College Point, The bulk, or 48 percent of the 10.8 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 21 percent of the space. In sales, College Point has had very little sales volume relative to other neighborhoods with $176.5 million in sales volume in the last two years. For development, College Point has had very little major development activity relative to other neighborhoods.It had 260,562 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.

The block

On this tax block, PincusCo has identified the owners of three of the five commercial properties representing zero square feet of the 28,705 square feet. The two identified owners are Triangle Equities and NYC Economic Development Corporation.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 28,705 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.

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