LIC industrial sells for $4.8M

The entity Ecrin D’Eiitis Inc. paid $4.8 million to Gracene Gardella through the entity Axel Spring And Welding II, LLC for the industrial building (E9) at 42-29 11th Street in Long Island City, Queens.
The deal closed on April 21, 2023 and was recorded on May 22, 2023. The property has 9,130 square feet of built space and 9,130 square feet of additional air rights for a total buildable of 18,260 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $525 and the price per buildable square foot is $262 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 Gracene Gardella was Gracene Gardella. The signatory for Ecrin D’Eiitis Inc. was Chris Miao. Gracene Gardella is an executive with Axel Spring, which has owned the property since 1975.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Gracene Gardella had not purchased any other properties and had not sold any properties over the same time period. The 9,130-square-foot property generated revenue of $161,589 or $18 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Long Island City has 9,130 square feet of built space and 9,130 square feet of additional air rights for a total buildable of 18,260 square feet according to a PincusCo analysis of city data. The parcel has frontage of 92 feet and is 100 feet deep with a total lot size of 9,130 square feet. The lot is irregular. 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 $738,000.

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 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 9th highest sale turnover among other neighborhoods in the city with $1.7 billion in sales volume in the last two years. For development, Long Island City is the 4th 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 15 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the eight commercial properties representing 41,284 square feet of the 119,855 square feet. The two identified owners are Merchants Hospitality and Jas 12th Street Holding Llc.
There are no active new building construction projects on this tax block.

The majority, or 66 percent of the 119,855 square feet of built space are industrial buildings, with hotel buildings next occupying 26 percent of the space.

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