Daphne Konstantinides pays $5M for industrial in Long Island City
Daphne Konstantinides through the entity Elpida Properties LLC paid $5 million to Ronald M. Sherman through the entity Cmt Properties, LLC for the industrial building (G2) at 42-32 21st Street in Long Island City, Queens.
The deal closed on March 15, 2024 and was recorded on March 25, 2024. The property has 21,000 square feet of built space and 21,099 square feet of additional air rights for a total buildable of 42,198 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $238 and the price per buildable square foot is $118 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 December 11, 2012, for $7 million. The signatory for Ronald M. Sherman was Ronald Sherman. The signatory for Daphne Konstantinides was Daphne Konstantinides. The contract date was March 15, 2024.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Daphne Konstantinides had purchased any other properties and has no record she sold any properties over the past 24 months.
The seller Ronald M. Sherman had not purchased any other properties and had not sold any properties over the same time period.
The property
The industrial building in Long Island City has 21,000 square feet of built space and 21,099 square feet of additional air rights for a total buildable of 42,198 square feet according to a PincusCo analysis of city data. The parcel has frontage of 120 feet and is 190 feet deep with a total lot size of 21,099 square feet. The lot is irregular. The zoning is M1-4 which allows for up to 2 times floor area ratio (FAR) for manufacturing.
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 Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has the 8th highest sale turnover among other neighborhoods in the city with $1.3 billion in sales volume in the last two years. For development, Long Island City is the 7th most active neighborhood among other neighborhoods. It had 5.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space. There were three 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 nine commercial properties representing 32,000 square feet of the 81,500 square feet. The two identified owners are Ronald M. Sherman and Court 16.
There are no active new building construction projects on this tax block.
The majority, or 30 percent of the 81,500 square feet of built space are industrial buildings, with mixed-use buildings next occupying 29 percent of the space.
The seller
The PincusCo database currently indicates that Ronald M. Sherman owned at least one commercial property in New York City with 21,000 square feet and a city-determined market value of $2.7 million. (Market value is typically about 50% of actual value.) The portfolio has $5.5 million in debt, borrowed from Hirshmark Capital. The portfolio consists of at least a single office property. It is located in Queens.
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