Goodman pays $128.5M to Bram Auto Group for two Astoria commercial properties

Goodman, an Australian-based industrial property development and ownership company is making its first step into the New York City logistics market with the purchase of two Astoria properties.

Goodman, through the entity GIC Queens LLC purchased 40-30 Northern Boulevard and neighboring 39-04 Northern Boulevard for $85.7 million and $42.8 million, respectively. The total, $128.5 million purchase includes over 40,000 square feet of built space.

Both lots were previously owned by Bram Auto Group which operates Lexus of Queens at the 40-30 Northern Boulevard address. John Iacono, co-president of the Bram Auto Group was the signatory for both sales. Alan Cockburn, Corporate Development Specialist of Goodman North America signed for Goodman.

The deals closed on November 16, 2021 and were recorded on December 2, 2021.

Bram Auto Group originally purchased the 40-30 Northern Boulevard property in 2005 for $13.5 million. This was financed with loans from the Toyota Motor Credit Corporation. They later bought the 39-04 Northern Boulevard property in 2018 for $31 million.

The 40-30 Northern Boulevard property has 37,610 square feet of built space and 462,018 square feet of additional air rights for a total buildable of 500,020 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $2,277 and the price per buildable square foot is $171 per the PincusCo analysis.

Goodman and Bram Auto Group have not responded to a PincusCo request for comment.

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The 39-04 Northern Boulevard property has 2,520 square feet of built space and 192,249 square feet of additional air rights for a total buildable of 194,585 square feet according to PincusCo analysis of city data. The sale price per built square foot is $17,000 and the price per buildable square foot is $220 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.)

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