Penske pays $25.4M for three parcels in Springfield Gardens to control full block

Penske Truck Leasing through the entity Penske Truck Leasing Co., L.P. paid $25.4 million to the estate of Frederick A. Nurge for the industrial building (E1) at 145-52 167th Street and two adjacent parcels including 165-17 146th Avenue, in Springfield Gardens, Queens. Penske paid $6 million in 2021 for the other tax lot on the block, and now controls the entire tax block.
The deal closed on September 20, 2023 and was recorded on October 3, 2023. The three properties have 20,625 square feet of built space and 59,225 square feet of additional air rights for a total buildable of 79,759 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,231 and the price per buildable square foot is $318 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 signatoryies for the estate of Frederick A. Nurge was Susan Nurge, and John Nurge. The signatory for Penske Truck Leasing was Jennifer R.H. Sockel. The contract date was April 24, 2023.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 145-52 167th Street.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Penske Truck Leasing purchased one property in one transactions for a total of $6 million and has no record it sold any properties over the past 24 months.
The seller Frederick A. Nurge estate had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Springfield Gardens has 20,625 square feet of built space and 59,225 square feet of additional air rights for a total buildable of 79,759 square feet according to a PincusCo analysis of city data. The parcel has frontage of 190 feet and is 125 feet deep with a total lot size of 23,750 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 properties for the past 24 months. In addition, according to city public data, the properties have 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 block

On the tax block of 145-52 167th Street, PincusCo has identified the owners of one of the four commercial properties representing 7,000 square feet of the 27,625 square feet. The identified owner is Penske Truck Leasing.
There are no active new building construction projects on this tax block.

All properties are industrial.

The buyer

The PincusCo database currently indicates that Penske Truck Leasing owned at least one commercial property in New York City with 7,000 square feet and a city-determined market value of $1.8 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property. It is located in Queens.

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