Mehra Properties pays $7.5M to BLS Company for industrial in Ditmars Steinway

Mehra Properties through the entity Steinway Mehra LLC paid $7.5 million to BLS Company through the entity BLS Holdings, Inc. for the industrial building (G1) at 18-20 Steinway Street in Ditmars Steinway, Queens.
The deal closed on August 15, 2025 and was recorded on August 20, 2025. The property has 20,000 square feet of built space for a total buildable of 20,002 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $376 and the price per buildable square foot is $376 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 BLS Company was Michael Okon . The signatory for Mehra Properties was Ryan Mehra . The contract date was June 10, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Mehra Properties purchased one property in one transaction for a total of $7.5 million and has no record it sold any properties over the past 24 months.
The seller BLS Company had not purchased any other properties and had not sold any properties over the same time period. The 20,000-square-foot property generated revenue of $331,200 or $17 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Ditmars Steinway has 20,000 square feet of built space for a total buildable of 20,002 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 200 feet deep with a total lot size of 20,002 square feet. 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 $1.6 million. The most recent loan totaled $5.8 million and was provided by Edgewood Capital Advisors on November 27, 2024.

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 $1,025 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 Ditmars Steinway, The bulk, or 41 percent of the 11.3 million square feet of commercial built space are walkup buildings, with industrial buildings next occupying 25 percent of the space. In sales, Ditmars Steinway has 1.3 times the average sales volume among other neighborhoods with $373.3 million in sales volume in the last two years and is the 4th highest in Queens. For development, Ditmars Steinway has had very little major development activity relative to other neighborhoods.It had 304,187 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 14 commercial properties representing 20,000 square feet of the 110,201 square feet. The identified owner is Bls Holdings.
On the tax block, there were four new building construction projects totaling 19,003 square feet. The largest is a 9,001 square-foot 74 building submitted by Matthew Reinzi and filed by Matthew Reinzi with plans filed March 14, 2025 and it has not been permitted yet. The second largest is a 5,000 square-foot storage (S-2) building submitted by Michael Rienzi with plans filed February 25, 2016 and permitted April 11, 2019.

The majority, or 89 percent of the 110,201 square feet of built space are industrial buildings, with specialty buildings next occupying 8 percent of the space.

The buyer

The PincusCo database currently indicates that Mehra Properties owned at least nine commercial properties with 15 residential units in New York City with 122,289 square feet and a city-determined market value of $19.2 million. (Market value is typically about 50% of actual value.) The portfolio has $20.7 million in debt, with top three lenders as Pinco Finance, Signature Bank, and Pinco FInance respectively. Within the portfolio, the bulk, or 72 percent of the 122,289 square feet of built space are industrial properties, with walkup properties next occupying 12 percent of the space. The bulk, or 91 percent of the built space, is in Queens, with Bronx next at 9 percent of the space.

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