Karen Zhuang pays $2.4M for industrial in Maspeth

Karen Zhuang through the entity Xing Sheng Long LLC paid $2.4 million to Gregory Kalamaras through the entity Central Woodside LLC for the industrial building (F4) at 72-20 48th Avenue in Maspeth, Queens.
The deal closed on January 22, 2025 and was recorded on February 13, 2025. The property has 4,600 square feet of built space for a total buildable of 4,600 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $520 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 seller bought the property on July 16, 2020, for $1.8 million. The signatory for Gregory Kalamaras was Gregory Kalamaras. The signatory for Karen Zhuang was Karen Zhuang.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Karen Zhuang had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Gregory Kalamaras purchased one property in one transaction for a total of $2.8 million and had not sold any properties over the same time period. The 4,600-square-foot property generated revenue of $103,730 or $23 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Maspeth has 4,600 square feet of built space for a total buildable of 4,600 square feet according to a PincusCo analysis of city data. The parcel has frontage of 120 feet and is 48 feet deep with a total lot size of 4,600 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $541,000.

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 Maspeth, The majority, or 73 percent of the 22.3 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 8 percent of the space. In sales, Maspeth has 1.4 times the average sales volume among other neighborhoods with $384.1 million in sales volume in the last two years and is the 4th highest in Queens. For development, Maspeth has had very little major development activity relative to other neighborhoods.It had 435,405 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There were 14 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 48,401 square feet of the 64,540 square feet. The largest owner is Berger Organization, followed by Sung Ho Kim and then LIRR.
There are no active new building construction projects on this tax block.

The majority, or 67 percent of the 64,540 square feet of built space are hotel buildings, with industrial buildings next occupying 33 percent of the space.

The seller

The PincusCo database currently indicates that Gregory Kalamaras owned at least one commercial property in New York City with 11,244 square feet and a city-determined market value of $1.1 million. (Market value is typically about 50% of actual value.) The portfolio has $18 million in debt, borrowed from Popular Bank. The portfolio consists of at least a single industrial property. It is located in Queens.

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