Laurel Hill Realty pays $1.7M for industrial in Glendale

The entity Laurel Hill Realty Corp paid $1.7 million to Israel Fisher through the entity 73rd Realty LLC for the industrial building (F4) at 71-34 73rd Street in Glendale, Queens.
The deal closed on December 6, 2022 and was recorded on December 16, 2022. The property has 5,000 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $335 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 seller bought the property on November 18, 2021, for $1.1 million. The signatory for Israel Fisher was Israel Fisher. The signatory for Laurel Hill Realty was Joan M. Dorazio.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Laurel Hill Realty had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Israel Fisher had not purchased any other properties and had not sold any properties over the same time period. The 5,000-square-foot property generated revenue of $85,223 or $17 per square foot, according to the most recent income and expense figures.

The property

The 71-34 73rd Street parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 square feet. The zoning is R4-1 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $363,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The neighborhood

In Glendale, the bulk, or 37 percent of the 6.1 million square feet of commercial built space are mixed-use buildings, with industrial buildings next occupying 25 percent of the space. In sales, Glendale has the 41st highest sale turnover among other neighborhoods in Queens with $24.2 million in sales volume in the last two years. For development, Glendale has had very little major development activity relative to other neighborhoods.It had 141,345 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.

The block

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

The majority, or 46 percent of the 18,622 square feet of built space are mixed-use buildings, with industrial buildings next occupying 41 percent of the space.

Correction: a prior version of this post identified Guido Dire as the buyer, but that was incorrect.

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