Marc Taub’s Taub Development pays $8.4M for ground lease in Woodside, Taub owns the fee

Marc Taub’s Taub Development through the entity 48-18 Leasehold, LLC paid $8.4 million to Pwr16 48-18 Northern Blvd LLC for the leasehold on the retail building (K6) at 48-18 Northern Boulevard in Woodside, Queens and the retail building (K6) at 48-18 48th Street in Woodside, Queens. Taub is the fee owner.
The CMBS bondholders foreclosed on a 2007 $40 million loan and the ground lease was transferred to the current seller with a $16 million Acris value in June 2019.
The signatory for Pwr16 48-18 Northern Blvd LLC was Don Edwards. The signatory for Taub Development was Marc D. Taub. The contract date was October 25, 2023.
Don Edwards is an employee of Greystone & Co. The buyer Marc D. Taub is also the ground lessor of a 1996 ground lease.
The deal closed on December 1, 2023 and was recorded on December 5, 2023. The two properties have 246,993 square feet of built space and 7,500 square feet of additional air rights according to a PincusCo analysis of city data.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Taub Development had purchased any other properties and has no record it sold any properties over the past 24 months.
The two properties with a total of 246,993 square feet of built space generated revenue of $9.9 million per year or $40 per square foot.

The property

The retail buildings in Woodside has 246,993 square feet of built space and 7,500 square feet of additional air rights according to a PincusCo analysis of city data. The parcel has frontage of 325 feet and is 760 feet deep with a total lot size of 222,300 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 $49 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $14,500 in OATH penalties 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 Woodside, The bulk, or 27 percent of the 12.7 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 23 percent of the space. In sales, Woodside has had very little sales volume relative to other neighborhoods with $160.5 million in sales volume in the last two years. For development, Woodside has had very little major development activity relative to other neighborhoods.It had 798,815 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On the tax block of 48-18 Northern Boulevard, PincusCo has identified the owners of three of the eight commercial properties representing 356,087 square feet of the 580,111 square feet. The largest owner is Taub Development, followed by Joseph Ende and then Cubesmart.
There are no active new building construction projects on this tax block.

The majority, or 69 percent of the 580,111 square feet of built space are retail buildings, with industrial buildings next occupying 31 percent of the space.

The buyer

The PincusCo database currently indicates that Taub Development owned at least one commercial property in New York City with 241,993 square feet and a city-determined market value of $49 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single retail property. It is located in Queens.

Direct link to Acris document. link