Fei Guo pays $5.9M for industrial in Maspeth

Fei Guo through the entity 70 Street Realty Inc paid $5.9 million to Estate of Gaspar Accardi through the entity Brigid Carlino, Executor for the midblock industrial parcel at 70-20 Queens Boulevard in Maspeth, Queens and the midblock mixed-use building at 46-07 70th Street in Maspeth, Queens.
The deal closed on June 8, 2022 and was recorded on June 29, 2022. The two properties have 2,920 square feet of built space and 56,870 square feet of additional air rights for a total buildable of 59,750 square feet according to PincusCo analysis of city data. The sale price per built square foot is $2,020 and the price per buildable square foot is $98 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 Estate of Gaspar Accardi was Brigid Carlino. The signatory for Fei Guo was Fei Guo.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 70-20 Queens Boulevard.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Fei Guo had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Estate of Gaspar Accardi had not purchased any other properties and had not sold any properties over the same time period.

The property

The 70-20 Queens Boulevard parcel has frontage of 68 feet and is 152 feet deep with a total lot size of 7,600 square feet. The lot is irregular. The zoning is R7X which allows for up to 5 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $365,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. 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 $5 million on this tax lot.

The neighborhood

In Maspeth, the bulk, or 46 percent of the 38.7 million square feet of commercial built space are 1-4 family buildings, with industrial buildings next occupying 39 percent of the space. In sales, Maspeth has 1.9 times the average sales volume among other neighborhoods with $538 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Maspeth has 1.9 times the average amount of major developments relative to other neighborhoods and is the 7th highest in Queens. It had 1.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On the tax block of 70-20 Queens Boulevard, PincusCo has identified the owners of two of the 10 commercial properties representing 4,338 square feet of the 103,142 square feet. The identified owner is Sh Chang Family Irrevocable Trust. There are two active new building construction projects totaling 145,491 square feet. The largest is a  74,449-square-foot school (E) building developed by Gadi Benhamo with plans filed May 15, 2019 and it has not been permitted yet. The second largest is a 71,042-square-foot E building developed by Gadi Benhamo with plans filed February 26, 2020 and it has not been permitted yet.

The majority, or 81 percent of the 106,166 square feet of built space are residential elevator buildings, with industrial buildings next occupying 12 percent of the space.

The buyer

The PincusCo database currently indicates that Fei Guo owned at least one commercial property with 18,799 square feet and a city-determined market value of $1 million. (Market value is typically about 50% of actual value.) The portfolio has $15 million in debt, borrowed from Cathay Bank. The portfolio consists of at least a single P5 property. It is located in Queens.

Surrounding

Within a 400-foot radius of 70-20 Queens Boulevard, Pincusco identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, three were in new building development. There were one new building permit application and two new building permits. The most recent of these three items was a permit on November 17, 2021 for a 270,075-square-foot R-2 building with 183 residential units at 46-10 70th Street.
Of those seven items, one was for major renovation including a certificate of occupancy change. It was a permit issued on April 7, 2021 for the $251,300 renovation of 2,513-square-foot B building with N/A residential units at 46-23 72nd Street.
Of those seven items, three were loans above $5 million totaling $40.5 million. The most recent of the three was Ching Lam which borrowed $8 million from Golden Bridge Funding secured by the 10,101-square-foot, 98-unit rental (D6) on 45 Avenue and four other properties on March 8, 2022.

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