Pardgroup pays $5.5M for industrial in Maspeth

Italian design firm Pardgroup through the entity Pard RE USA LLC paid $5.5 million to Peter Arena through the entity L.R.A. Realty LLC for the industrial building (F4) at 58-18 64th Street in Maspeth, Queens. The expected use is owner-occupied.
The deal closed on May 14, 2025 and was recorded on May 19, 2025. The property has 21,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $261 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 Peter Arena was Thomas Fehrenbach. The signatory for Pardgroup was Stefano Pieri . The contract date was February 21, 2025. Pardgroup, in addition to other business lines, manages the design, production, and installation of windows, pop-up stores, P.O.P. materials, and exhibition structures.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Pardgroup had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Peter Arena had not purchased any other properties and had not sold any properties over the same time period. The 21,000-square-foot property generated revenue of $301,560 or $14 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Maspeth has 21,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 80 feet and is 200 feet deep with a total lot size of 16,000 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 $1.7 million.

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 Maspeth, The majority, or 73 percent of the 22.3 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 8 percent of the space. In sales, Maspeth has 1.4 times the average sales volume among other neighborhoods with $378.8 million in sales volume in the last two years and is the 4th highest in Queens. For development, Maspeth has had very little major development activity relative to other neighborhoods.It had 396,123 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There were 14 pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 74,528 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.

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