Prologis pays $46.9M to Almar Supplies for 3 parcel dev site in Maspeth
Prologis paid $46.9 million to the family that owns Almar Supplies for three adjacent industrial buildings in Maspeth in three separate transactions. The sale price per existing square foot indicates this is development purchase.
In the first, Prologis through the entity 47th Street & 58th Road LLC paid $33.8 million to Almar Supplies through the entity El Family Property Owner LLC for industrial building at 57-00 47th Street in Maspeth, Queens.
The deal closed on December 30, 2021 and was recorded on January 13, 2022.
The property has 19,760 square feet of built space and 215,228 square feet of additional air rights for a total buildable of 235,222 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,709 and the price per buildable square foot is $143 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 Almar Supplies was Rossana Bortone and Sabatino Lamanna. The signatory for Prologis was Megan Robert.
Prior to this transaction, the buyer Prologis purchased seven properties in six transactions for a total of $229.4 million and had not sold any properties over the past 24 months.
The seller Almar Supplies had not purchased any other properties and had not sold any properties over the same time period.
The 19,760-square-foot property generated revenue of $1.4 million or $70 per square foot, according to the most recent income and expense figures.
(420617309)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on April 23, 2013.
Almar is a supplier of masonry aggregates such as fill, backfill, sand and gravel.
In Maspeth, the majority, or 46 percent of the 38.7 million square feet of built space are 1-4 family buildings, with industrial buildings next occupying 39 percent of the space. In sales, Maspeth has 1.9 times the average sales volume in the city with $538 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Maspeth has 1.9 times the average amount of major developments relative to other neighborhoods and is the 7th highest in Queens. It had 1.7 million square feet of commercial construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.
On the tax block, the majority, or 71 percent of the 27,976 square feet of built space are industrial buildings, with specialty buildings next occupying 29 percent of the space.
FALSE
Direct link to Acris document. link
In the second transaction, Prologis through the entity 47th Street & 58th Road LLC paid $8.9 million to Almar Supplies through the entity El Family Property Owner LLC for industrial building at 57-05 47th Street in Maspeth, Queens.
The deal closed on December 30, 2021 and was recorded on January 13, 2022.
The property has 5,100 square feet of built space and 55,205 square feet of additional air rights for a total buildable of 60,334 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,754 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 signatory for Almar Supplies was Rossana Bortone and Sabatino Lamanna. The signatory for Prologis was Megan Robert.
Direct link to Acris document. link
In the third, Prologis through the entity 47th Street & 58th Road LLC paid $4.2 million to Almar Supplies through the entity El Family Property Owner LLC for specialty building at 58-20 47th Street in Maspeth, Queens.
The deal closed on December 30, 2021 and was recorded on January 13, 2022.
The property has 0 square feet of built space and 30,584 square feet of additional air rights for a total buildable of 30,584 square feet according to PincusCo analysis of city data. The sale price per built square foot is $N/A and the price per buildable square foot is $136 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 Almar Supplies was Rossana Bortone and Sabatino Lamanna. The signatory for Prologis was Megan Robert.
Direct link to Acris document. link