Piece of Cake Moving pays $12M for LIC storage

Piece of Cake Moving & Storage through the entity Group 24 46th Ave Realty LLC paid $12 million to Bonita Tarkenton through the entity 10-15 Realty, LLC for the storage building (F5) at 10-15 46th Avenue in Long Island City, Queens. The expected use is cash flowing.
The deal closed on July 26, 2024 and was recorded on August 6, 2024. The property has 41,800 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $287 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 Bonita Tarkenton was Bonita Tarkenton. The signatory for Piece of Cake Moving & Storage was Vojin Popovic. The contract date was June 27, 2024. Piece of Cake Moving & Storage already occupied the building before purchasing it. Vojin Popovic, also known as Voyo Popovic, founded the the moving company in 2017.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Piece of Cake Moving & Storage had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Bonita Tarkenton had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Long Island City has 41,800 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 15,999 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 $2.8 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 Long Island City, The bulk, or 32 percent of the 60.2 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has the 8th highest sale turnover among other neighborhoods in the city with $1.1 billion in sales volume in the last two years. For development, Long Island City is the 8th most active neighborhood among other neighborhoods. It had 5.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space. There were three 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 52 percent of the 103,665 square feet of built space are office buildings, with industrial buildings next occupying 48 percent of the space.

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