Daniel Lage pays $9M for dev site in Sunnyside

Daniel Lage through the entity 3440 Laurel LLC paid $9 million to John Pantanelli and Patricia York through the entity 34-40 Lhb Realty LLC for the development building (V1) at 34-40 Laurel Hill Boulevard in Sunnyside, Queens. The expected use is ground up development.
Kalmon Dolgin Affiliates was marketing the property with a potential for ground up development.
The deal closed on September 19, 2024 and was recorded on September 30, 2024. The property has zero square feet of built space and 61,424 square feet of additional air rights for a total buildable of 61,424 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $146 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 June 14, 2023, for $4.6 million. The signatory for John Pantanelli and Patricia York was John Pantanelli and Patricia York. The signatory for Daniel Lage was Daniel Lage. The contract date was May 31, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Daniel Lage purchased one property in one transaction for a total of $5 million and has no record it sold any properties over the past 24 months.
The seller John Pantanelli had not purchased any other properties and sold one properties in one transaction for a total of $4.6 million over the same time period.

The property

The parcel has frontage of 153 feet and is 222 feet deep with a total lot size of 30,712 square feet. The lot is irregular. The zoning is M3-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $614,000.

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 Sunnyside, The bulk, or 32 percent of the 15.9 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Sunnyside has had very little sales volume relative to other neighborhoods with $145 million in sales volume in the last two years. For development, Sunnyside has had very little major development activity relative to other neighborhoods.It had 494,351 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the six commercial properties representing 64,047 square feet of the 64,047 square feet. The largest owner is John Pierre Pantanelli, followed by Realterm and then York Studios.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 64,047 square feet of built space are industrial buildings, with specialty buildings next occupying 0 percent of the space.

Direct link to Acris document. link