Ming Qiang He pays $3.1M for industrial in Ditmars Steinway

Ming Qiang He and Sophia Yuqiong Guo through the entity H & G Usa LLC paid $3.1 million to Frank Lofaso through the entity 43-04 19th Avenue LLC for the industrial building (E1) at 43-04 19th Avenue in Ditmars Steinway, Queens.
The deal closed on June 25, 2024 and was recorded on July 15, 2024. The property has 8,000 square feet of built space for a total buildable of 8,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $387 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 November 25, 2015, for $2.7 million. The signatory for Frank Lofaso was Frank Lofaso. The signatory for Ming Qiang He and Sophia Yuqiong Guo was Ming Qiang He. The contract date was April 12, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Ming Qiang He had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Frank Lofaso had not purchased any other properties and had not sold any properties over the same time period. The 8,000-square-foot property generated revenue of $195,152 or $24 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Ditmars Steinway has 8,000 square feet of built space for a total buildable of 8,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 80 feet and is 100 feet deep with a total lot size of 8,000 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 $1.1 million. The most recent loan totaled $8.2 million and was provided by Emerald Creek Capital on June 10, 2022.

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 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 $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 had very little sales volume relative to other neighborhoods with $98.9 million in sales volume in the last two years. For development, Ditmars Steinway has had very little major development activity relative to other neighborhoods.It had 796,940 square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the seven commercial properties representing 8,000 square feet of the 132,700 square feet. The identified owner is Frank P. Lofaso.
There are no active new building construction projects on this tax block.

The majority, or 75 percent of the 132,700 square feet of built space are industrial buildings, with specialty buildings next occupying 25 percent of the space.

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