Dynasty Contracting pays $20M to long-time owners for industrial in Willets Point

Dynasty Contracting through the entity Dynasty WP LLC paid $20 million to Michael St. John through the entity Mr St. John LLC for the industrial building (G2) at 127-48 Northern Boulevard in Willets Point, Queens.
The deal closed on September 25, 2025 and was recorded on October 16, 2025. The property has 27,020 square feet of built space and 112,115 square feet of additional air rights for a total buildable of 139,234 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $740 and the price per buildable square foot is $143 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 Michael St. John was Michael St. John. The signatory for Dynasty Contracting was Eric Wang Li . The contract date was May 1, 2023.

Ralph St. John, a contractor and builder with St. John Enterprises, bought the property in July 1975 for $225,000. St. John Enterprises occupies the top floor of the building, according to a sign on the building. Eric Li leads Dynasty Contracting. It is unclear if this is an owner-occupied or development or cash flowing transaction.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Dynasty Contracting had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Michael St. John had not purchased any other properties and had not sold any properties over the same time period. The 27,020-square-foot property generated revenue of $873,827 or $32 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Willets Point has 27,020 square feet of built space and 112,115 square feet of additional air rights for a total buildable of 139,234 square feet according to a PincusCo analysis of city data. The parcel has frontage of 360 feet and is 143 feet deep with a total lot size of 40,475 square feet. The lot is irregular. The zoning is C4-4 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The city-designated market value for the property in 2022 is $4.4 million.

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 Willets Point, The majority, or 75 percent of the 834,702 square feet of commercial built space are industrial buildings, with specialty buildings next occupying 19 percent of the space. In sales, Willets Point has the 26th highest sale turnover among other neighborhoods in Queens with $60.4 million in sales volume in the last two years. For development, Willets Point is the 8th most active neighborhood among other neighborhoods. It had 7.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 860 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 51 percent of the 82,103 square feet of built space are office buildings, with industrial buildings next occupying 49 percent of the space.

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