Renovation Group pays $3.6M for industrial in Long Island City
Renovation Group through the entity 51-09 2nd Street LLC paid $3.6 million to Edward Monaco and John Bleckman through the entity Bleckman Holdings LLC for the industrial building (E9) at 51-09 Second Street in Long Island City, Queens.
The deal closed on February 22, 2024 and was recorded on March 5, 2024. The property has 3,950 square feet of built space and 8,038 square feet of additional air rights for a total buildable of 11,998 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $911 and the price per buildable square foot is $300 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 Edward Monaco and John Bleckman was Edward Monaco and John Bleckman. The signatory for Renovation Group was Peter Young. The contract date was November 22, 2023. Traded NY reported on the sale.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Renovation Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Edward Monaco had not purchased any other properties and had not sold any properties over the same time period.
The property
The industrial building in Long Island City has 3,950 square feet of built space and 8,038 square feet of additional air rights for a total buildable of 11,998 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 60 feet deep with a total lot size of 5,999 square feet. The zoning is M1-4/R6B which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 2 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $388,000.
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 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 $1 million on this tax lot.
The neighborhood
In Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has the 8th highest sale turnover among other neighborhoods in the city with $1.5 billion in sales volume in the last two years. For development, Long Island City is the 6th most active neighborhood among other neighborhoods. It had 6.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other industrial buildings in the past 12 months.
The block
On this tax block, PincusCo has identified the owners of one of the six commercial properties representing 12,390 square feet of the 69,824 square feet. The identified owner is Brian S. Pun.
There are no active new building construction projects on this tax block.
The majority, or 53 percent of the 69,824 square feet of built space are industrial buildings, with elevator buildings next occupying 18 percent of the space.
The buyer
The PincusCo database currently indicates that Renovation Group owned at least three commercial properties with five residential units in New York City with 0.0 square feet and a city-determined market value of $882,000. (Market value is typically about 50% of actual value.) The portfolio has $7 million in debt, borrowed from Popular Bank. Within the portfolio, the bulk, or 0 percent of the 0.0 square feet of built space are development properties, with walkup properties next occupying 0 percent of the space.
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