EverWest pays $57.2M for industrial in Maspeth

Colorado-based EverWest Real Estate Investors, a subsidiary of GWL Realty Advisors, through the entity Gfp Cl Maspeth 55-30 LLC paid $57.2 million to Gary J. Korn through the entity Realkorn, Ltd for the industrial (F9) building at 55-30 46th Street in Maspeth, Queens.
The deal closed on September 17, 2021 and was recorded on October 5, 2021.
The property has 70,500 square feet of built space and 185,455 square feet of additional air rights for a total buildable of 255,800 square feet according to PincusCo analysis of city data. The sale price per built square foot is $812 and the price per buildable square foot is $223 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 Gary J. Korn was Gary J. Korn. The signatory for EverWest Real Estate Investors and GWL Realty Advisors was Paul D. Andrews.
Over the past five years, there have been 8 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,000. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $3.6 million.

There has been one demolition project filed for the parcels over the past five years. One of the projects were to change the building from a COM to a S-1.
EverWest disclosed the transaction on its website on September 22. EverWest made its first New York City purchase in January 2020.  Paul D. Andrews is chief operating and financial officer of EverWest. The contract date was July 29, 2021. The seller was represented by Walker & Dunlop’s Mo Beler, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland and Michael Diaz, according to the release. The buyer said the property was fully tenanted with local food distributors. No debt was recorded with the purchase.

Direct link to Acris document. link