Flushing Asphalt pays $9.9M for three properties in College Point

Flushing Asphalt through the entity Horan Properties LLC paid $9.9 million to Brandon Rose through the entity College Point Associates, LLC for the industrial building (F9) at 121-16 31st Avenue in College Point, Queens, and two additional parcels. The expected use is owner-occupied.
The deal closed on December 20, 2024 and was recorded on January 15, 2025. The three properties have 8,400 square feet of built space and 943,626 square feet of additional air rights for a total buildable of 951,400 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,181 and the price per buildable square foot is $10 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 Brandon Rose was Brandon Rose. The signatory for Flushing Asphalt was James A. Horan. The contract date was September 12, 2024. James Horan is an executive with Flushing Asphalt.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Flushing Asphalt had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Brandon Rose had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in College Point has 8,400 square feet of built space and 943,626 square feet of additional air rights for a total buildable of 951,400 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 120 feet deep with a total lot size of 388,700 square feet. The lot is irregular. The zoning is M2-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $5.4 million.

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 College Point, The bulk, or 48 percent of the 10.8 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 21 percent of the space. In sales, College Point has had very little sales volume relative to other neighborhoods with $214.1 million in sales volume in the last two years. For development, College Point has had very little major development activity relative to other neighborhoods.It had 532,193 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 24,700 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.

Direct link to Acris document. link