Dan Min Wang pays $7M for industrial in Maspeth

Dan Min Wang through the entity C&W Queens LLC paid $7 million to the estate of Jerome Barshov through the entity 60-10 Maurice Avenue LLC for the industrial building (F4) at 60-10 Maurice Avenue in Maspeth, Queens. The expected use is cash flowing.
The deal closed on March 20, 2025 and was recorded on April 3, 2025. The property has 15,000 square feet of built space and 1,304 square feet of additional air rights for a total buildable of 16,300 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $463 and the price per buildable square foot is $426 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 the estate of Jerome Barshov was Steven Barshov . The signatory for Dan Min Wang was Dan Min Wang. The contract date was January 10, 2025. Jerome Barshov and Emanuel Barshov bought the property in February 1966.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Dan Min Wang had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jerome Barshov had not purchased any other properties and had not sold any properties over the same time period. The 15,000-square-foot property generated revenue of $252,300 or $17 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Maspeth has 15,000 square feet of built space and 1,304 square feet of additional air rights for a total buildable of 16,300 square feet according to a PincusCo analysis of city data. The parcel has frontage of 163 feet and is 100 feet deep with a total lot size of 16,300 square feet. The lot is irregular. 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 $1.3 million. The most recent loan totaled $6.5 million and was provided by Titan Capital on September 17, 2021.

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 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 1.5 times the average sales volume among other neighborhoods with $396.6 million in sales volume in the last two years and is the 4th highest in Queens. For development, Maspeth has had very little major development activity relative to other neighborhoods.It had 445,344 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. There were 14 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 two of the six commercial properties representing 50,069 square feet of the 62,967 square feet. The two identified owners are Kailash R. Patel and Steven Barshov.
There are no active new building construction projects on this tax block.

The majority, or 56 percent of the 62,967 square feet of built space are hotel buildings, with industrial buildings next occupying 32 percent of the space.

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