Davis Companies pays $51.2M to Square Mile, Innovo for industrial in Maspeth

Davis Companies through the entity Div Grand Maspeth, LLC paid $51.2 million to Square Mile Capital Management and Innovo through the entity Grand Ave Owner LLC for industrial building at 58-30 Grand Avenue in Maspeth, Queens.
The deal closed on March 24, 2022 and was recorded on May 13, 2022. The property has 151,500 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $338 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 October 11, 2018, for $39 million. The signatory for Square Mile Capital Management and Innovo was Daniel Kasell. The signatory for Davis Companies was Richard McCready. Commercial Observer first reported the sale.
In Chelsea, Davis Companies in July 2020 filed plans for a 135,003-square-foot storage property on 29th Street.

The property

The 58-30 Grand Avenue parcel has frontage of 273 feet and is 240 feet deep with a total lot size of 50,800 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 $5.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The neighborhood

In Maspeth, the bulk, or 46 percent of the 38.7 million square feet of commercial built space are 1-4 family buildings, with industrial buildings next occupying 39 percent of the space. In sales, Maspeth has 1.9 times the average sales volume among other neighborhoods with $538 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Maspeth has 1.9 times the average amount of major developments relative to other neighborhoods and is the 7th highest in Queens. It had 1.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 15 commercial properties representing 143,798 square feet of the 360,120 square feet. The identified owner is Mack Real Estate Group. There are no active new building construction projects on this tax block.

the majority, or 98 percent of the 364,232 square feet of built space are industrial buildings, with 1-4 family buildings next occupying 1 percent of the space.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 58-30 Grand Avenue that occurred over the past 24 months.

Direct link to Acris document. link