Guang Li, Xianghuan Lin pays $4.5M for industrial in Maspeth

Guang Li and Xianghuan Lin through the entity 5815 57rd LLC paid $4.5 million for the industrial building (F4) at 58-15 57th Road in Maspeth, Queens. The expected use is cash flowing.
The deal closed on September 9, 2024 and was recorded on October 11, 2024. The property has 10,795 square feet of built space and 3,241 square feet of additional air rights for a total buildable of 14,093 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $416 and the price per buildable square foot is $319 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 Yakov Roitman was Lina Rotman Klebanov and Emily Orloff. The signatory for Guang Li and Xianghuan Lin was Xianghuan Lin. The contract date was April 11, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Guang Li had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Yakov Roitman had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Maspeth has 10,795 square feet of built space and 3,241 square feet of additional air rights for a total buildable of 14,093 square feet according to a PincusCo analysis of city data. The parcel has frontage of 130 feet and is 100 feet deep with a total lot size of 14,093 square feet. The lot is irregular. The zoning is M1-1D which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $868,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has 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 Maspeth, The majority, or 73 percent of the 22.3 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 8 percent of the space. In sales, Maspeth has near average sales volume among other neighborhoods with $235.2 million in sales volume in the last two years and is the 8th highest in Queens. For development, Maspeth has had very little major development activity relative to other neighborhoods.It had 449,821 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There were 13 pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On the tax block, there was one new building construction project filed totaling 3,874 square feet. It is a three-unit, 3,874 square-foot residential (R-2) building submitted by Frank Alesci with plans filed January 13, 2016 and it has not been permitted yet.

All properties are industrial.

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