Midwood Lumber pays $7.5M for Sunset Park industrial owned for 76 years

Midwood Lumber through the entity 140 53rd LLC paid Riverside Machinery’s Riverside Machinery Co., Inc. $7.5 million for 140 53rd Street in Sunset Park. The deal closed on December 2, 2020 and was recorded on February 5, 2021. The transaction consists of 1 parcel, including the tax class light manufacturing building (F5)The property is 25,200 square feet. The parcel(s) have total development potential of 25,200 square feet.
The average sale price per square foot is $298. The signatory for the buyer was Boris Motovich. Motovich owns the adjacent parcel as well.

Riverside Machinery had owned the property for 76 years, having acquired it in December 17, 1945.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.

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