Prabesh Gajurel, others pay $2.9M for industrial in Long Island City
Prabesh Gajurel, Bijaya Khadka, and Oscar E. Proano through the entity Realta LLC paid $2.9 million for the industrial building (F4) at 52-09 Van Dam Street in Long Island City, Queens.
The deal closed on March 28, 2024 and was recorded on April 9, 2024. The property has 6,035 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $472 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 the sellers were Ronald Spieler, Kathryn Spieler, Joann Ricca, and Edward Ricca. The signatory for Prabesh Gajurel, Bijaya Khadka, and Oscar E. Proano was Prabesh Gajurel. The contract date was October 23, 2023.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Prabesh Gajurel had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Ronald Spieler 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 6,035 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 51 feet and is 105 feet deep with a total lot size of 4,035 square feet. The lot is irregular. 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 $765,000.
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 60.1 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 7th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Long Island City is the 7th most active neighborhood among other neighborhoods. It had 6.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 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
On this tax block, PincusCo has identified the owners of one of the seven commercial properties representing 4,790 square feet of the 17,570 square feet. The identified owner is Steve Oh.
There are no active new building construction projects on this tax block.
The majority, or 84 percent of the 17,570 square feet of built space are industrial buildings, with mixed-use buildings next occupying 14 percent of the space.
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