Ferrara Manufacturing submits plans to increase LIC warehouse from one to four floors

Angelo Ferrara of Ferrara Manufacturing through the entity Dutch Vortex LLC submitted a major alteration application for a change in size of a one-story building at 37-12 31st Street in Long Island City, Queens to a four-story building. The plan was filed with the New York City Department of Buildings on October 18, 2022 under job number Q08010025. It call for the increase in size of the building to a 39,227-square-foot building. The project is described in the filing as: Proposed Alt 1 for new 2nd, 3rd and 4th floor vertical enlargement of existing warehouse building and related finishes all as per plans herewith filed. Application filed to supersede previous Alt 1 application# 420663026.

The property

The 37-01 30th Street parcel has frontage of 225 feet with a total lot size of 49,060 square feet. The lot is irregular. The zoning is M1-2/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.4 million.

Prior sales and revenue

The industrial building in Long Island City has 22,000 square feet of built space and 44,166 square feet of additional air rights for a total buildable of 66,249 square feet according to a PincusCo analysis of city data. The property is owned by HC Contracting.

The 22,000-square-foot property generated revenue of $456,940 or $21 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has not received any significant violations in the last year.

There were no lawsuits or bankruptcies filed against the property since September of 2020.

The neighborhood

In Long Island City, the bulk, or 34 percent of the 63.3 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 32 percent of the space. In sales, Long Island City has the 9th highest sale turnover among other neighborhoods in the city with $1.7 billion in sales volume in the last two years. For development, Long Island City is the 3rd most active neighborhood among other neighborhoods. It had 9.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 13 commercial properties representing 198,064 square feet of the 237,442 square feet. The two identified owners are Slate Property Group and HC Contracting. On the tax block, there were two new building construction projects totaling 178,820 square feet. The largest is a 198-unit, 178,577 square-foot R-2 building developed by David Schwartz with plans filed March 7, 2018 and permitted February 6, 2020. The second largest is a 243 square-foot S-2 building developed by David Schwartz with plans filed March 21, 2018 and it has not been permitted yet.

The owner

The PincusCo database currently indicates that HC Contracting owned at least one commercial property in New York City with 22,000 square feet and a city-determined market value of $2.4 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.

The surrounding

Within a 400-foot radius of 37-01 30 Street, Pincusco identified one commercial real estate item of interests occurred over the past 24 months. It was a loan which Park Construction Corp. borrowed $22.7 million from Investors Bank secured by the 0-square-foot development site (V1) on 37-24 30th Street and one other property on September 17, 2021.

Direct link to the property’s ACRIS page and link to DOB NOW portal.