Jernail Singh pays $4.2M for gas station in Long Island City

Jernail Singh through the entity Vandam 53 Property LLC paid $4.2 million to Stan Garelick through the entity Abo Service Station Corp. for industrial building at 53-26 Van Dam Street in Long Island City, Queens.
The deal closed on April 28, 2022 and was recorded on June 8, 2022. The property has 8,391 square feet of built space and 57,421 square feet of additional air rights for a total buildable of 65,850 square feet according to PincusCo analysis of city data. The sale price per built square foot is $500 and the price per buildable square foot is $63 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 Stan Garelick was Stan Garelick. The signatory for Jernail Singh was Jernail Singh.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Jernail Singh had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Stan Garelick had not purchased any other properties and had not sold any properties over the same time period.

The property

The 53-26 Van Dam Street parcel has frontage of 113 feet and is 110 feet deep with a total lot size of 13,170 square feet. The lot is irregular. The zoning is M1-3 which allows for up to 5 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $877,000.

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 Long Island City, the bulk, or 33 percent of the 66.2 million square feet of commercial built space are residential elevator buildings, with industrial buildings next occupying 30 percent of the space. In sales, Long Island City has 4.2 times the average sales volume among other neighborhoods with $1.2 billion in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 2nd most active neighborhood among other neighborhoods. It had 9.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.

The block

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

The majority, or 51 percent of the 18,811 square feet of built space are industrial buildings, with residential walkup buildings next occupying 47 percent of the space.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 53-26 Van Dam Street that occurred over the past 24 months.

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