Rising Properties pays $3.3M for industrial in Astoria

Rising Properties paid $3.3 million to Carolyn J. Hebel through the entity CJH Property Management LLC for the industrial building (F4) at 24-13 46th Street in Astoria, Queens, and three small adjacent tax parcels.
Rising Properties is located at the corporate office for Gullwing Motors Cars, which is located a half a block away on the same street. Peter Kumar is the owner of antique car dealer Gullwing Motor Cars.
The deal closed on January 24, 2024 and was recorded on January 31, 2024. The four properties have 5,370 square feet of built space and 1,253 square feet of additional air rights for a total buildable of 6,624 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $619 and the price per buildable square foot is $501 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 Carolyn J. Hebel was Carolyn J. Hebel. The signatory for Rising Properties was Peter Young. The contract date was October 17, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Rising Properties had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Carolyn J. Hebel had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Astoria has 5,370 square feet of built space and 1,253 square feet of additional air rights for a total buildable of 6,624 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,371 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $496,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have 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 Astoria, The bulk, or 36 percent of the 40.2 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 31 percent of the space. In sales, Astoria has 2.2 times the average sales volume among other neighborhoods with $676.1 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Astoria has 3.3 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 3.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On the tax block of 24-13 46th Street, PincusCo has identified the owners of two of the 16 commercial properties representing 12,484 square feet of the 149,094 square feet. The two identified owners are Michael Goff and Lisa Vetrino.
There are no active new building construction projects on this tax block.

The majority, or 99 percent of the 149,094 square feet of built space are industrial buildings, with mixed-use buildings next occupying 1 percent of the space.

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