Donald Speranza pays $17M for three adjacent industrial properties in Sunnyside

Donald Speranza through the entity Nelic LLC paid $17 million to John Thor through the entity JT LIC Realty Corp. for three adjacent industrial properties including (E1) at 47-42 37th Street, the industrial building (E1) at 47-52 37th Street and an adjacent industrial lot (G7) on 37th Street, all in Sunnyside, Queens.
The deal closed on November 30, 2023 and was recorded on December 18, 2023. The three properties have 43,500 square feet of built space and 21,497 square feet of additional air rights for a total buildable of 64,996 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $390 and the price per buildable square foot is $261 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 John Thor was John Thor. The signatory for Donald Speranza was Donald Speranza. The contract date was February 15, 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 47-42 37th Street.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Donald Speranza had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller John Thor had not purchased any other properties and had not sold any properties over the same time period.

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 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 $235.1 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 613,375 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 the tax block of 47-42 37th Street, PincusCo has identified the owners of one of the 13 commercial properties representing 20,000 square feet of the 187,890 square feet. The identified owner is Spyro Avdoulos.
There are no active new building construction projects on this tax block.

The majority, or 99 percent of the 187,890 square feet of built space are industrial buildings, with mixed-use buildings next occupying 1 percent of the space.

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