Marshall Kesten pays $1.5M for industrial in Glendale

Marshall Kesten through the entity Not My LLC paid $1.5 million to Ines Gassmann through the entity 3649 Realty Corp for the industrial building (E9) at 79-17 Cypress Avenue in Glendale, Queens.
The deal closed on May 23, 2023 and was recorded on June 5, 2023. The property has 5,125 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $292 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 May 28, 2013, for $615,000. The signatory for Ines Gassmann was Ines Gassmann. The signatory for Marshall Kesten was Marshall Kesten.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Marshall Kesten had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Ines Gassmann had not purchased any other properties and had not sold any properties over the same time period. The 5,125-square-foot property generated revenue of $101,740 or $20 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Glendale has 5,125 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 51 feet and is 108 feet deep with a total lot size of 5,587 square feet. The lot is irregular. The zoning is R4-1 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $532,000.

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 $25 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 Glendale, The bulk, or 36 percent of the 6.3 million square feet of commercial built space are mixed-use buildings, with industrial buildings next occupying 27 percent of the space. In sales, Glendale has the 36th highest sale turnover among other neighborhoods in Queens with $32.5 million in sales volume in the last two years. For development, Glendale has had very little major development activity relative to other neighborhoods.It had 95,072 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

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

The majority, or 95 percent of the 14,930 square feet of built space are industrial buildings, with specialty buildings next occupying 5 percent of the space.

The buyer

The PincusCo database currently indicates that Marshall Kesten owned at least one commercial property in New York City. The portfolio consists of at least a single V1 property.

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