Elite Demolition pays $3.4M for three properties in Glendale

Fabio Bordone’s Elite Demolition through the entity 84th Street Properties LLC paid $3.4 million to Clemente Alcamo through the entity 88th Street Properties Inc for the industrial lot (G7) at 70-17 84th Street in Glendale, Queens, and two adjacent tax lots.
The deal closed on September 5, 2024 and was recorded on September 16, 2024. The three properties have zero square feet of built space and 13,999 square feet of additional air rights for a total buildable of 13,999 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $242 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 Clemente Alcamo was Clemente Alcamo. The signatory for Elite Demolition was Fabio Bordone. The contract date was November 21, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Fabio Bordone had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Clemente Alcamo had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 9,999 square feet. 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 $473,000.

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 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 Glendale, The bulk, or 36 percent of the 6.3 million square feet of commercial built space are mixed-use buildings, with industrial buildings next occupying 27 percent of the space. In sales, Glendale has the 26th highest sale turnover among other neighborhoods in Queens with $51.3 million in sales volume in the last two years. For development, Glendale has had very little major development activity relative to other neighborhoods.It had 40,219 square feet of commercial and multi-family construction under development in the last two years, which represents 0.64 percent of the neighborhood’s built space.

The block

On the tax block of 70-17 84th Street, PincusCo has identified the owners of six of the 15 commercial properties representing 73,371 square feet of the 119,224 square feet. The identified owner is Broadway Stages.
There are no active new building construction projects on this tax block.

The majority, or 72 percent of the 119,224 square feet of built space are industrial buildings, with retail buildings next occupying 17 percent of the space.

The buyer

The PincusCo database currently indicates that Fabio Bordone owned at least one commercial property in New York City with 5,586 square feet and a city-determined market value of $1.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property. It is located in Queens.

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