Philip Kelleher pays $5.7M for two industrial properties in Sunnyside

Philip Kelleher through the entity Best Realty Holdings, LLC paid $5.7 million to Frank W. Sandie and William H. Sandie through the entity Sandie Property Holding Company LLC for the industrial building (F4) at 45-24 37th Street and 45-25 36th Street in Sunnyside, Queens.
The deal closed on July 5, 2023 and was recorded on July 10, 2023. The two properties have 8,940 square feet of built space and 26,097 square feet of additional air rights for a total buildable of 34,996 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $637 and the price per buildable square foot is $162 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 Frank W. Sandie and William H. Sandie was Frank W. Sandie and William H. Sandie. The signatory for Philip Kelleher was Philip Kelleher.

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 45-24 37th Street.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Philip Kelleher had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Frank W. Sandie had not purchased any other properties and had not sold any properties over the same time period. The two properties with a total of 8,940 square feet of built space generated revenue of $169,422 per year or $19 per square foot. The sale price per square foot was $638.

The property

The industrial building in Sunnyside has 8,940 square feet of built space and 26,097 square feet of additional air rights for a total buildable of 34,996 square feet according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,499 square feet. The zoning is M1-4 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $693,000.

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 received three DOB 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 Sunnyside, The bulk, or 32 percent of the 15.9 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Sunnyside has near average sales volume among other neighborhoods with $311.4 million in sales volume in the last two years and is the 7th highest in Queens. For development, Sunnyside has had very little major development activity relative to other neighborhoods.It had 635,572 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

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

The majority, or 75 percent of the 102,763 square feet of built space are industrial buildings, with office buildings next occupying 25 percent of the space.

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