NJ wholesaler pays $24.5M to National Compressor Exchange for industrial in Ridgewood

New Jersey-based wholesaler My Sales LLC through the entity 75 Onderdonk Ave LLC paid $24.5 million to National Compressor Exchange through the entity Jason Richard Realty LLC for the industrial (F9) at 75 Onderdonk Avenue in Ridgewood, Queens.
The deal closed on July 19, 2021 and was recorded on July 30, 2021.
The property has 42,592 square feet of built space and 84,526 square feet of additional air rights for a total buildable of 127,108 square feet according to PincusCo analysis of city data. The sale price per built square foot is $575 and the price per buildable square foot is $192 per the PincusCo analysis.
The signatory for National Compressor Exchange was Richard Staiano. The signatory for My Sales LLC was Jian Yang “Kevin” Zhang.
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.
The property was purchased with a $17 million acquisition loan from Cathay Bank. Richard Staiano is CEO of National Compressor Exchange. The Commercial Observer reported B6 Real Estate Advisors represented the seller and Jaffe Realty’s Brian Jaffe represented the buyer. My Sales  is a wholesale distributor to discount retailers like Dollar General and Dollar Tree founded by Kevin and Jimmy Zhang in 2017, according to its LinkedIn page.  The contract was signed February 11, 2021. National Compressor owned the parcel since 2002.

For the loan, My Sales LLC through the entity 75 Onderdonk Ave LLC as borrower signed a acquisition loan with lender Cathay Bank through the entity Cathay Bank valued at $17.0 million for the industrial (F9) at 75 Onderdonk Avenue in Ridgewood, Queens.
The deal closed on July 19, 2021 and was recorded on July 30, 2021.

The signatory for My Sales LLC was Jian Yang “Kevin” Zhang.

Within a 400-foot radius of 75 Onderdonk Avenue, Pincusco identified two commercial real estate items of interests occurred over the past 24 months.
One of those two items was a sale which Bushwack Capital bought the 99,700-square-foot, one-unit industrial (F1) on 154 Scott Avenue for $14.0 million from Lai Tin Yam, Ru Ching Yeh, and Benjamin Yam on May 20, 2021.
One of those two items was a loan which Bushwack Capital borrowed $22.0 million from Citibank secured by the 99,700-square-foot, one-unit industrial (F1) on 154 Scott Avenue on May 20, 2021.

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