Heloise Parker pays $6.2M for two industrial properties in Ridgewood

Heloise Parker through the entity 1624-1632 George LLC paid $6.2 million to Torkil Gudnason through the entity George Street Properties LLC for the industrial building (F5) at 16-32 George Street in Ridgewood, Queens and industrial building (G7) at 16-24 George Street in Ridgewood, Queens.
The deal closed on September 18, 2025 and was recorded on September 22, 2025. The two properties have 7,500 square feet of built space and 22,655 square feet of additional air rights for a total buildable of 30,136 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $826 and the price per buildable square foot is $205 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 Torkil Gudnason was Torkil Gudnason. The signatory for Heloise Parker was Heloise Parker. The contract date was May 23, 2025.

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 1632 George Street.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Heloise Parker had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Torkil Gudnason had not purchased any other properties and had not sold any properties over the same time period. Out of the two properties, one with a total of 7,500 square feet of built space generated revenue of $159,675 per year.

The property

The industrial building in Ridgewood has 7,500 square feet of built space and 22,655 square feet of additional air rights for a total buildable of 30,136 square feet according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,556 square feet. The zoning is M1-4D which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $947,000.

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 not received any significant violations in the last year.

Development

For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. 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 Ridgewood, The bulk, or 38 percent of the 20 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 29 percent of the space. In sales, Ridgewood has had very little sales volume relative to other neighborhoods with $172.5 million in sales volume in the last two years. For development, Ridgewood has near average amount of major developments among other neighborhoods and is the 7th highest in Queens. It had 1.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On the tax block of 1632 George Street, PincusCo has identified the owners of five of the 23 commercial properties representing 27,087 square feet of the 96,706 square feet. The largest owner is Julian Mcdermott Corp., followed by Watermark Capital Group and then Ariel Zar Yacobi.
There are no active new building construction projects on this tax block.

The majority, or 47 percent of the 96,706 square feet of built space are industrial buildings, with mixed-use buildings next occupying 30 percent of the space.

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