Realterm pays $132M for industrial in Maspeth, 6th purchase totaling $314M in 2 years

Realterm through the entity Rlif 56th Road Spe, LLC paid $132 million to Beverage Distribution Center through the entity NY Maspeth LLC for industrial building at 50-35 56th Road in Maspeth, Queens. This is Realterm’s sixth purchase in New York City over the past 24 months, totaling $314 million.

The deal closed on December 28, 2021 and was recorded on January 7, 2022.
The property has 140,000 square feet of built space and 85,448 square feet of additional air rights for a total buildable of 224,865 square feet according to PincusCo analysis of city data. The sale price per built square foot is $942 and the price per buildable square foot is $587 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 seller bought the property on June 29, 2006, for $13.5 million.
The signatory for Beverage Distribution Center was Lewis Gantman. The signatory for Realterm was Steve Panos.
Prior to this transaction, the buyer Realterm purchased eight properties in five transactions for a total of $182 million and had not sold any properties over the past 24 months. This is Realterm’s most expensive purchase in the last two years in New York City.
The seller Beverage Distribution Center had not purchased any other properties and had not sold any properties over the same time period.
The 140,000-square-foot property generated revenue of $2.2 million or $15 per square foot, according to the most recent income and expense figures.
The sale was brokered by Eastdil Secured and Stelth Group, according to DC Velocity, a logistics industry publication.

In Maspeth, the majority, or 46 percent of the 39 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 1.5 times the average sales volume in the city with $406 million in sales volume in the last two years and is the 2nd 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 100 percent of the 865,651 square feet of built space are industrial buildings.

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