Quality Stone Corp. pays $6.8M for industrial in Astoria

Quality Stone Corp. through the entity Snap Realty 44 LLC paid $6.8 million to Electrotech Service Equipment Corporation for the industrial building (F4) at 24-32 44th Street in Astoria, Queens.
The deal closed on November 4, 2022 and was recorded on November 15, 2022. The property has 15,250 square feet of built space and 8,912 square feet of additional air rights for a total buildable of 24,218 square feet according to PincusCo analysis of city data. The sale price per built square foot is $445 and the price per buildable square foot is $280 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 Electrotech Service Equipment Corporation was Joseph Amendolora. The signatory for Quality Stone Corp. was George Papadonikolakis.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Quality Stone Corp. had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Electrotech Service Equipment Corporation had not purchased any other properties and had not sold any properties over the same time period. The 15,250-square-foot property generated revenue of $332,148 or $22 per square foot, according to the most recent income and expense figures.

The property

The 24-32 44th Street parcel has frontage of 161 feet and is 100 feet deep with a total lot size of 19,375 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The neighborhood

In Astoria, the bulk, or 37 percent of the 39.2 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 29 percent of the space. In sales, Astoria has 3.1 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 2nd highest in Queens. For development, Astoria is the 9th most active neighborhood among other neighborhoods. It had 4.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space.

The block

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

The majority, or 65 percent of the 64,203 square feet of built space are walkup buildings, with industrial buildings next occupying 35 percent of the space.

Direct link to Acris document. link