Peter Zuccarello pays $3M for industrial in Woodside

Peter Zuccarello through the entity P.A.Z. Realty, LLC paid $3 million to Yongyut Limleartvate through the entity Glp Queensblvd Realty LLC for the industrial building (G2) at 52-19 Queens Boulevard in Woodside, Queens.
The deal closed on March 28, 2023 and was recorded on April 14, 2023. The property has 4,000 square feet of built space and 15,996 square feet of additional air rights for a total buildable of 19,995 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $743 and the price per buildable square foot is $148 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 15, 2016, for $2.9 million. The signatory for Yongyut Limleartvate was Yongyut Limleartvate. The signatory for Peter Zuccarello was Peter Zuccarello.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Peter Zuccarello had purchased any other properties and sold one property in one transaction for a total of $3.9 million over the past 24 months.
The seller Yongyut Limleartvate had not purchased any other properties and had not sold any properties over the same time period. The 4,000-square-foot property generated revenue of $118,546 or $30 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Woodside has 4,000 square feet of built space and 15,996 square feet of additional air rights for a total buildable of 19,995 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 40 feet deep with a total lot size of 3,999 square feet. The zoning is R7X which allows for up to 5 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $656,000. The most recent loan totaled $8.3 million and was provided by Emerald Creek Capital on February 23, 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 Woodside, The bulk, or 27 percent of the 12.7 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 23 percent of the space. In sales, Woodside has had very little sales volume relative to other neighborhoods with $162.8 million in sales volume in the last two years. For development, Woodside has had very little major development activity relative to other neighborhoods.It had 856,730 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 six of the 18 commercial properties representing 97,522 square feet of the 179,180 square feet. The largest owner is Zd Jasper Realty, followed by Yongyut Limleartvate and then Peter Asadourian.
On the tax block, there were seven new building construction projects totaling 170,835 square feet. The largest is a 87-unit, 68,999 square-foot residential (R-2) building submitted by Kathy Ho with plans filed January 13, 2022 and permitted June 7, 2022. The second largest is a 32-unit, 24,547 square-foot residential (R-2) building submitted by Ivan Turkalj with plans filed August 17, 2022 and it has not been permitted yet.

The majority, or 48 percent of the 179,180 square feet of built space are elevator buildings, with walkup buildings next occupying 47 percent of the space.

The seller

The PincusCo database currently indicates that Yongyut Limleartvate owned at least four commercial properties with 12 residential units in New York City with 26,755 square feet and a city-determined market value of None. (Market value is typically about 50% of actual value.) The portfolio has $8.3 million in debt, borrowed from Emerald Creek Capital. Within the portfolio, the bulk, or 49 percent of the 26,755 square feet of built space are retail properties, with walkup properties next occupying 36 percent of the space. The bulk, or 51 percent of the built space, is in Queens, with Manhattan next at 49 percent of the space.

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