Dong Guo through the entity Mdt Partners LLC paid $2 million to Gerard T. Riggs through the entity Gm Riggs, LLC for the industrial building (E9) at 57-33 58th Place in Maspeth, Queens.
The deal closed on June 15, 2023 and was recorded on July 3, 2023. The property has 9,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $222 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 Gerard T. Riggs was Gerard T. Riggs. The signatory for Dong Guo was Dong Guo.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Dong Guo had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Gerard T. Riggs had not purchased any other properties and had not sold any properties over the same time period. The 9,000-square-foot property generated revenue of $103,788 or $12 per square foot, according to the most recent income and expense figures.
The industrial building in Maspeth has 9,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 45 feet and is 100 feet deep with a total lot size of 4,500 square feet. The zoning is M1-1D which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $952,000.
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.
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
In Maspeth, The majority, or 73 percent of the 22.3 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 8 percent of the space. In sales, Maspeth has 2.1 times the average sales volume among other neighborhoods with $748 million in sales volume in the last two years and is the 4th highest in Queens. For development, Maspeth has 1.8 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Queens. It had 1.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.
On the tax block, there was one new building construction project filed totaling 1,807 square feet. It is a 1,807 square-foot storage (S-2) building submitted by Stephen Foy with plans filed October 23, 2017 and it has not been permitted yet.
The majority, or 97 percent of the 157,148 square feet of built space are industrial buildings, with mixed-use buildings next occupying 3 percent of the space.
The PincusCo database currently indicates that Dong Guo owned at least one commercial property with six residential units in New York City with 3,600 square feet and a city-determined market value of $433,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Queens.
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