Flux Factory pays $4M for industrial in Long Island City

The Flux Factory, Inc. paid $4 million to Alfred Mainzer Inc through the entity Alma Publishing Corp. for industrial (F5) at 39-31 29th Street in Long Island City, Queens.
The deal closed on July 8, 2021 and was recorded on July 23, 2021.
The property has 6,648 square feet of built space and 3,267 square feet of additional air rights for a total buildable of 9,900 square feet according to PincusCo analysis of city data. The sale price per built square foot is $601 and the price per buildable square foot is $404 per the PincusCo analysis.
The signatory for Alfred Mainzer Inc was Barry Mainzer and Lynn Packer. The signatory for Flux Factory was Nathaniel Rae.

Within a 400-foot radius of 39-31 29th Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, three were in new building development. There were three new building permits. The most recent of these three items was a permit on October 5, 2020 for a 22,140-square-foot residential R-2 building with 20 residential units at 39-04 29th Street.
One of those five items was a sale which Davis Companies, based in Boston bought an interest in the 20,000-square-foot, 104-unit rental (D6) on 39-40 30th Street for $16.7 million from Hazelton Capital Group on January 27, 2020.
One of those five items was a loan which Hazelton Capital Group borrowed $35.0 million from Santander Bank, N.A. secured by the 20,000-square-foot, 104-unit rental (D6) on 39-40 30th Street on January 17, 2020.

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