Liberty One Group pays $8M for industrial in Maspeth

Liberty One Group through the entity 55-05 Flushing Owner LLC paid $8 million to DNJ Mechanical through the entity Dcd Ny Properties LLC for the industrial building (E1) at 55-03 Flushing Avenue in Maspeth, Queens. This purchase closed a week after Liberty One Group paid Maguire Capital Group $9.5 million for a storage building in Yorkville.
The deal closed on August 27, 2024 and was recorded on September 6, 2024. The property has 15,678 square feet of built space and 319 square feet of additional air rights for a total buildable of 15,999 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $510 and the price per buildable square foot is $500 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 January 16, 2020, for $6 million. The signatory for DNJ Mechanical was Ciro Intini. The signatory for Liberty One Group was Yosef Rabinowitz. The contract date was March 15, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Liberty One Group purchased four properties in three transactions for a total of $39.9 million and has no record it sold any properties over the past 24 months.
The seller DNJ Mechanical had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Maspeth has 15,678 square feet of built space and 319 square feet of additional air rights for a total buildable of 15,999 square feet according to a PincusCo analysis of city data. The parcel has frontage of 113 feet and is 122 feet deep with a total lot size of 15,999 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 $1.5 million. The most recent loan totaled $7 million and was provided by Sterling National Bank on January 16, 2020.

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 1.2 times the average sales volume among other neighborhoods with $307.4 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 304,350 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 31 commercial properties representing 74,200 square feet of the 186,256 square feet. The largest owner is Sunny Paek, followed by Dcd Ny Properties Llc and then Stanislaw Rys.
There are no active new building construction projects on this tax block.

The majority, or 98 percent of the 186,256 square feet of built space are industrial buildings, with office buildings next occupying 2 percent of the space.

The seller

The PincusCo database currently indicates that Dnj Mechanical owned at least one commercial property in New York City with 0.0 square feet and a city-determined market value of $161,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property.

The buyer

The PincusCo database currently indicates that Liberty One Group owned at least 12 commercial properties with 277 residential units in New York City with 343,109 square feet and a city-determined market value of $36.4 million. (Market value is typically about 50% of actual value.) The portfolio has $97.8 million in debt, with top three lenders as Signature Bank, Popular Bank, and Tristate Capital Bank respectively. Within the portfolio, the bulk, or 51 percent of the 343,109 square feet of built space are walkup properties, with industrial properties next occupying 28 percent of the space. The bulk, or 52 percent of the built space, is in Brooklyn, with Manhattan next at 25 percent of the space.

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