H. Weiss Machinery pays $4.5M for industrial in Glendale

H. Weiss Machinery & Supply through the entity Ledo, Inc. paid $4.5 million to Albert Putre and Alois Putre Jr. for the the industrial buildings (F9) at 88-61 and 88-65 76th Avenue in Glendale, Queens. The expected use is owner-occupied.
The deal closed on October 4, 2024 and was recorded on October 17, 2024. The two properties have 16,800 square feet of built space and 7,200 square feet of additional air rights for a total buildable of 24,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $267 and the price per buildable square foot is $187 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 Albert Putre and Alois Putre Jr. was Albert Putre and Alois Putre Jr.. The signatory for H. Weiss Machinery & Supply was Leonard Reitano. The contract date was April 15, 2024.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 88-61 76th Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer H. Weiss Machinery & Supply had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Albert Putre had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Glendale has 16,800 square feet of built space and 7,200 square feet of additional air rights for a total buildable of 24,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 80 feet and is 100 feet deep with a total lot size of 8,000 square feet. The lot is irregular. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $781,000.

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 received $750 in OATH penalties 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 Glendale, The bulk, or 36 percent of the 6.3 million square feet of commercial built space are mixed-use buildings, with industrial buildings next occupying 27 percent of the space. In sales, Glendale has the 25th highest sale turnover among other neighborhoods in Queens with $59.7 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 49,157 square feet of commercial and multi-family construction under development in the last two years, which represents 0.78 percent of the neighborhood’s built space.

The block

On the tax block of 88-61 76th Avenue, PincusCo has identified the owners of three of the 10 commercial properties representing 28,249 square feet of the 74,623 square feet. The two identified owners are Hui Mei Lin and Emil Izrailov.
There are no active new building construction projects on this tax block.

The majority, or 90 percent of the 74,623 square feet of built space are industrial buildings, with retail buildings next occupying 6 percent of the space.

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