J&J Farms Creamery signs $22.5M loan with private lender for industrial in Maspeth

J&J Farms Creamery through the entity J&J Maspeth Owner LLC as borrower signed a loan with lender CDK Lending LLC valued at $22.5 million for the industrial building (E1) at 57-48 49th Place in Maspeth, Queens.
The deal closed on March 9, 2023 and was recorded on March 15, 2023. The property has 57,430 square feet of built space and 78,880 square feet of additional air rights for a total buildable of 136,000 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $391 and the price per buildable square foot is $165 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 J&J Farms Creamery was Morris Schlager.

Prior sales and revenue

The 57,430-square-foot property generated revenue of $824,010 or $14 per square foot, according to the most recent income and expense figures.

The property

The parcel has frontage of 213 feet and is 340 feet deep with a total lot size of 68,000 square feet. The lot is irregular. The zoning is M3-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $4 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 received $1,000 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 Maspeth, The majority, or 73 percent of the 20.6 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 8 percent of the space. In sales, Maspeth has 2.1 times the average sales volume among other neighborhoods with $743 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Maspeth has 1.8 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Queens. It had 1.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 26 commercial properties representing 182,241 square feet of the 1,339,062 square feet. The largest owner is Anthony Tristani, followed by City Of New York and then Prologis.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 1.3 million square feet of built space are industrial buildings, with office buildings next occupying 0 percent of the space.

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