Related, Sterling pay $2.4M for small parcel in Willets Point, part of 3.3M sf development

Related Companies and Sterling Equities through the entity QDG II Acquisitions LLC paid $2.4 million to Gloria Brehl’s Cabre Realty Corp for the industrial building (G2) at 126-12 Northern Boulevard in Willets Point, Queens.
The deal closed on February 9, 2024 and was recorded on February 15, 2024. The property has 4,360 square feet of built space and 13,637 square feet of additional air rights for a total buildable of 17,974 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $550 and the price per buildable square foot is $133 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.)

This is part of a planned 3.3 million square foot mixed-use development in Willets Point, Queens.

The property

The parcel has frontage of 42 feet and is 137 feet deep with a total lot size of 5,225 square feet. The lot is irregular. The zoning is C4-4 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The city-designated market value for the property in 2022 is $416,000.

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 received $5,600 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of two of the six commercial properties representing 4,880 square feet of the 58,326 square feet. The identified owner is Related Companies.
There are no active new building construction projects on this tax block.

The majority, or 82 percent of the 58,326 square feet of built space are industrial buildings, with retail buildings next occupying 17 percent of the space.

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