Contractor Gino Fazio pays $2.3M for two mixed-use properties in Maspeth

Contractor Gino Fazio of Fazio Construction through the entity Bronte North LLC paid $2.3 million to James G. Megiel and Janice Megiel Leventhal through the entity Megiel Realty Company for the two, two-unit mixed-use buildings (S2) at 64-18 and 64-22 Flushing Avenue in Maspeth, Queens.
The deal closed on March 28, 2023 and was recorded on April 7, 2023. The two properties have 9,069 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $253 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 James G. Megiel and Janice Megiel Leventhal was James G. Megiel and Janice Megiel Leventhal. The signatory for Gino Fazio was Gino Fazio. Gino Fazio operates Fazio Construction.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 64-22 Flushing Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Gino Fazio had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller James G. Megiel had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building with 2 residential units in Maspeth has 9,069 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 22 feet and is 108 feet deep with a total lot size of 2,457 square feet. The zoning is R5B which allows for up to 1.35 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.4 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 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 Maspeth, The majority, or 73 percent of the 22.3 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 8 percent of the space. In sales, Maspeth has 2.2 times the average sales volume among other neighborhoods with $751.7 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Maspeth has 1.8 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Queens. It had 1.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On the tax block of 64-22 Flushing Avenue, PincusCo has identified the owners of one of the 11 commercial properties representing 3,300 square feet of the 35,907 square feet. The identified owner is Hamid Elayni.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 35,907 square feet of built space are mixed-use buildings, with industrial buildings next occupying 0 percent of the space.

The buyer

The PincusCo database currently indicates that Gino Fazio owned at least one commercial property with 25 residential units in New York City with 21,451 square feet and a city-determined market value of None. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Queens.

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