Realterm pays $25M to American Compressed Gases for warehouse in Sunnyside

Realterm through the entity Rlf III Laurel Hill Spe, LLC paid $25 million to American Compressed Gases through the entity American Compressed Gases, Inc. for the industrial (E1) warehouse at 34-52 Laurel Hill Boulevard in Sunnyside, Queens.
The deal closed on October 28, 2021 and was recorded on November 10, 2021.
The property has 20,800 square feet of built space and 114,201 square feet of additional air rights for a total buildable of 135,150 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,201 and the price per buildable square foot is $184 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 American Compressed Gases was Keith A. Ramsdell.

Realterm is a global logistics company based in Annapolis, Maryland. This is at least the company’s fourth purchase in NYC over the past two years, with the prior sales totaling $70.9 million in the Bronx and Brooklyn.

This is the second most expensive warehouse/storage sale in Sunnyside in two years. There have been nearly 100 sales of this warehouse class, E1, in the city over the past two years. Other buyers of this warehouse class, include Prologis, Blackstone and Seagis Property Group.

Within a 400-foot radius of 34-52 Laurel Hill Blvd, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a sale which John Pantanelli bought the 9,600-square-foot, one-unit industrial (E9) on 34-40 Laurel Hill Blvd for $7.5 million from Kenneth Wong on October 2, 2020.

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