Diem Lam pays $3M for two industrial properties in Woodside
Diem Lam through the entity 117 Sanford LLC paid $3 million to Jeffrey L. Cohan through the entity Jarco Realty Co. for the industrial building (E9) at 57-08 37th Avenue in Woodside, Queens and industrial property (G7) on 37th Avenue in Woodside, Queens.
The deal closed on February 14, 2024 and was recorded on February 28, 2024. The two properties have 6,250 square feet of built space and 1,318 square feet of additional air rights for a total buildable of 7,567 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $472 and the price per buildable square foot is $389 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 Jeffrey L. Cohan was Jeffrey L. Cohan. The signatory for Diem Lam was Diem Lam. The contract date was December 18, 2023.
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 57-08 37th Avenue.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Diem Lam had purchased any other properties and sold one property in one transaction for a total of $3 million over the past 24 months.
The seller Jeffrey L. Cohan had not purchased any other properties and had not sold any properties over the same time period.
The property
The industrial building in Woodside has 6,250 square feet of built space and 1,318 square feet of additional air rights for a total buildable of 7,567 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 6,312 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $785,000.
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 received $50 in OATH penalties 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 Woodside, The bulk, or 27 percent of the 12.7 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 23 percent of the space. In sales, Woodside has had very little sales volume relative to other neighborhoods with $200.9 million in sales volume in the last two years. For development, Woodside has had very little major development activity relative to other neighborhoods.It had 756,937 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.
The block
On the tax block of 57-08 37th Avenue, PincusCo has identified the owners of two of the 24 commercial properties representing 2,400 square feet of the 76,275 square feet. The two identified owners are LIRR and Gabor Schnitzler.
On the tax block, there was one new building construction project filed totaling 4,862 square feet. It is a 4,862 square-foot industrial (F-1B) building submitted by Aqeel Khan with plans filed February 27, 2008 and permitted August 17, 2018.
The majority, or 93 percent of the 76,275 square feet of built space are industrial buildings, with retail buildings next occupying 7 percent of the space.
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