Likely dev site in Long Island City sells for $4.8M

The entity 1148 44dr NY LLC, in care of the law firm Yang & Yang, paid $4.8 million to the entity 1148 44 Dr LLC for the industrial building (G2) at 11-48 44th Drive in Long Island City, Queens. The expected use is ground up development.
The deal closed on May 29, 2026 and was recorded on June 11, 2026. The property has 3,700 square feet of built space and 18,862 square feet of additional air rights for a total buildable of 22,575 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,283 and the price per buildable square foot is $210 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 the seller was Giovanni Gugliotta. The contract date was March 25, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Yung & Yung registered had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Giovanni Gugliotta had not purchased any other properties and had not sold any properties over the same time period. The 3,700-square-foot property generated revenue of $68,413 or $18 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Long Island City has 3,700 square feet of built space and 18,862 square feet of additional air rights for a total buildable of 22,575 square feet according to a PincusCo analysis of city data. The parcel has frontage of 37 feet and is 100 feet deep with a total lot size of 3,750 square feet. The city-designated market value for the property in 2022 is $335,000.

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 received one DOB violation 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 3.2 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 7th most active neighborhood among other neighborhoods. It had 8.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 12 of the 19 commercial properties representing 185,659 square feet of the 199,399 square feet. The largest owner is Peak Capital Advisors , followed by Dorothy Pagano and then Century Development Group .
On the tax block, there was one new building construction project filed totaling 15,888 square feet. It is a 22-unit, 15,888 square-foot residential (R-2) building submitted by Daniel Gazal with plans filed June 15, 2017 and it has not been permitted yet.

The majority, or 84 percent of the 199,399 square feet of built space are walkup buildings, with office buildings next occupying 9 percent of the space.

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