Jouffre pays $7.5M for industrial in LIC, owns adjacent property

Upholstery designer Jouffre through the entity Atelier LIC Holdings 42-20 LLC paid $7.5 million to Jeffrey Levien through the entity Ermus Holdings, LLC for the industrial building (E1) at 42-20 13th Street in Long Island City, Queens. The expected use is owner-occupied. Jouffre purchased the adjacent property 42-26 13th Street in 2021 for $8.05 million.
The deal closed on December 30, 2024 and was recorded on January 13, 2025. The property has 17,000 square feet of built space and 17,000 square feet of additional air rights for a total buildable of 34,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $441 and the price per buildable square foot is $220 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 Jeffrey Levien was Jeffrey Levien. The signatory for Jouffre was Larry Haber. The contract date was August 26, 2024. Jouffre is led by Romain Jouffre.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Jouffre had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jeffrey Levien had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Long Island City has 17,000 square feet of built space and 17,000 square feet of additional air rights for a total buildable of 34,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 84 feet and is 200 feet deep with a total lot size of 17,000 square feet. 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 $1.8 million.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $4.2 million commercial foreclosure concerning a loan filed on March 8, 2024, by Piermont Bank against Jeffrey S. Levien. In addition, according to city public data, the property has received $300 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 Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has the 8th highest sale turnover among other neighborhoods in the city with $1.1 billion in sales volume in the last two years. For development, Long Island City is the 6th most active neighborhood among other neighborhoods. It had 6.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space. There were four pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of four of the 11 commercial properties representing 69,150 square feet of the 146,207 square feet. The largest owner is Superior Management, followed by Jouffre and then Payal Kedia Bor.
There are no active new building construction projects on this tax block.

The majority, or 93 percent of the 146,207 square feet of built space are industrial buildings, with office buildings next occupying 7 percent of the space.

The buyer

The PincusCo database currently indicates that Jouffre owned at least one commercial property in New York City with 19,250 square feet and a city-determined market value of $1.9 million. (Market value is typically about 50% of actual value.) The portfolio has $6 million in debt, borrowed from Flushing Bank. The portfolio consists of at least a single industrial property. It is located in Queens.

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