Mehra Properties pays $7.9M for industrial in Long Island City

Mehra Properties through the entity Northern Mehra LLC paid $7.9 million to Barbara Miller through the entity Harry Levine Corp. for the industrial building (F1) at 36-35 35th Street in Long Island City, Queens.
The deal closed on June 21, 2022 and was recorded on July 5, 2022. The property has 19,400 square feet of built space and 600 square feet of additional air rights for a total buildable of 20,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $407 and the price per buildable square foot is $395 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.)

Prior sales and revenue

The 19,400-square-foot property generated revenue of $594,710 or $31 per square foot, according to the most recent income and expense figures.

The property

The 36-35 35th Street parcel has frontage of 100 feet and is 200 feet deep with a total lot size of 20,000 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 $2.7 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 not received any significant violations 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 Long Island City, the bulk, or 34 percent of the 64.6 million square feet of commercial built space are residential elevator buildings, with industrial buildings next occupying 31 percent of the space. In sales, Long Island City has the 6th highest sale turnover among other neighborhoods in the city with $1.6 billion in sales volume in the last two years. For development, Long Island City is the 4th most active neighborhood among other neighborhoods. It had 8.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of one of the 13 commercial properties representing 10,000 square feet of the 163,023 square feet. The identified owner is Ralph Zirinsky Realty Co.

All properties are industrial.

Surrounding

Within a 400-foot radius of 36-35 35th Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was in new building development. It was a new building permit issued on January 26, 2021 for a 43,552-square-foot B building with one residential unit at 35-01 36th Avenue.
Of those two items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on September 1, 2021 for the renovation of 5,038-square-foot I building with zero residential units at 36-34 35th Street.

Direct link to Acris document. link