Harvey Lyons pays $5.4M to estate of Fred Stark for industrial in Jamaica

Harvey Lyons through the entity Tuskegee Storage Facility LLC paid $5.4 million through an estate sale to Fred Stark through the entity Elizabeth Farrell for the industrial building (G7) at 157-02 Tuskegee Airmen Way in Jamaica, Queens.
The deal closed on January 9, 2025 and was recorded on January 10, 2025. The property has zero square feet of built space and 61,410 square feet of additional air rights for a total buildable of 61,410 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $87 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 Fred Stark was Elizabeth Farrell. The signatory for Harvey Lyons was Harvey Lyons. The contract date was December 9, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Harvey Lyons had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Fred Stark had not purchased any other properties and sold five properties in three transactions for a total of $17.1 million over the same time period.

The property

The parcel has frontage of 77 feet and is 323 feet deep with a total lot size of 30,705 square feet. The lot is irregular. The zoning is M1-4 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1.3 million.

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 Jamaica, The bulk, or 34 percent of the 29.2 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 14 percent of the space. In sales, Jamaica has 1.2 times the average sales volume among other neighborhoods with $312.9 million in sales volume in the last two years and is the 5th highest in Queens. For development, Jamaica has 2 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Queens. It had 2.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 13 commercial properties representing 305,800 square feet of the 334,600 square feet. The largest owner is New York City Housing Authority, followed by Fred Stark and then LIRR.
On the tax block, there were two new building construction projects totaling 2,460 square feet. The largest is a two-unit, 2,160 square-foot residential (R-3) building submitted by Manuel Buestan with plans filed September 25, 2017 and permitted April 20, 2018. The second largest is a two-unit, 300 square-foot residential (R-3) building submitted by Manuel Buestan with plans filed September 25, 2017 and permitted April 20, 2018.

The majority, or 70 percent of the 334,600 square feet of built space are walkup buildings, with elevator buildings next occupying 21 percent of the space.

The seller

The PincusCo database currently indicates that Fred Stark owned at least one commercial property in New York City with 0.0 square feet and a city-determined market value of $1.3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property.

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