Longpoint Property Group pays $21.2M for industrial in Springfield Gardens

Longpoint Property Group through the entity Lrf2 Ny 152-81 Rockaway Boulevard LLC paid $21.2 million to John Leondis through the entity Ig 152-65 LLC for the industrial building (E1) at 152-65 Rockaway Boulevard in Springfield Gardens, Queens.
The deal closed on June 29, 2022 and was recorded on July 5, 2022. The property has 66,976 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $315 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 Longpoint was Nilesh Bubna, and the signatory for John Leondis was John Leondis.

Prior sales and revenue

The 66,976-square-foot property generated revenue of $1.2 million or $18 per square foot, according to the most recent income and expense figures.

The property

The 152-65 Rockaway Boulevard parcel has frontage of 503 feet and is 143 feet deep with a total lot size of 60,222 square feet. The lot is irregular. The zoning is R3-1 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $6.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The neighborhood

In Springfield Gardens, the bulk, or 34 percent of the 1.8 million square feet of commercial built space are specialty buildings, with industrial buildings next occupying 25 percent of the space. In sales, Springfield Gardens has the 38th highest sale turnover among other neighborhoods in Queens with $12.9 million in sales volume in the last two years. For development, Springfield Gardens has had very little major development activity relative to other neighborhoods.It had 2,776 square feet of commercial and multi-family construction under development in the last two years, which represents 0.15 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 92 percent of the 73,012 square feet of built space are industrial buildings, with mixed-use buildings next occupying 8 percent of the space.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 152-65 Rockaway Boulevard that occurred over the past 24 months.

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