Entity-level sale for Sunnyside parcel valued at $42M

An affiliate of the Gaslow family through the entity Bridge 2020 LLC acquired an interest from another affiliate of the Gaslow family, Valhalla 2020 LLC, valued at $42 million for industrial (F2) property at 48-02 48th Avenue in Sunnyside, Queens and industrial (F4) at 48-15 50th Avenue in Sunnyside, Queens.
The deal closed on July 15, 2021 and was recorded on September 10, 2021.
This is an entity level transfer, and not a deed transfer. According to a source, the fee interest in the property is in contract to sell and has not closed.
The two properties have 126,533 square feet of built space and 94,184 square feet of additional air rights for a total buildable of 221,222 square feet according to PincusCo analysis of city data. The sale price per built square foot is $331 and the price per buildable square foot is $189 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 Empire Office was Peter Gaslow.
A brokerage team at Meridian Capital Group including David Schechtman, Lipa Lieberman and Abie Kassin have a listing for the properties asking $55 million. The listing says the industrial property has 143,600 gross square feet of built space and is a “future residential redevelopment opportunity.”
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.
Peter Glaslow is CEO of Empire office. 

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