Royal Waste Services pays $7.8M for industrial in Hollis, 2nd buy in month

Royal Waste Services through the entity Royal Brothers Bronx Realty LLC paid $7.8 million to Syh Kuern Chen through the entity Productive Realty NY, LLC for the industrial building (E1) at 187-62 Hollis Avenue in Hollis, Queens. The expected use is owner-occupied. Royal Waste Services owns the large adjacent 62,616-square-foot lot, 187-40 Hollis Avenue. This is the firm’s second purchase that closed in October. The other was a $6.8 million purchase in the Bronx.
The deal closed on October 23, 2024 and was recorded on November 8, 2024. The property has 26,600 square feet of built space and 10,055 square feet of additional air rights for a total buildable of 31,423 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $291 and the price per buildable square foot is $246 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 Syh Kuern Chen was Syh Kuern Chen. The signatory for Royal Waste Services was Paul Reali. The contract date was September 9, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Royal Waste Services purchased two properties in two transactions for a total of $6.8 million and sold two properties in two transactions for a total of $39.2 million over the past 24 months.
The seller Syh Kuern Chen had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Hollis has 26,600 square feet of built space and 10,055 square feet of additional air rights for a total buildable of 31,423 square feet according to a PincusCo analysis of city data. The parcel has frontage of 206 feet and is 375 feet deep with a total lot size of 31,423 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 $1.6 million.

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 Hollis, The bulk, or 27 percent of the 4.5 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 22 percent of the space. In sales, Hollis has the 40th highest sale turnover among other neighborhoods in Queens with $17.1 million in sales volume in the last two years. For development, Hollis has had very little major development activity relative to other neighborhoods.It had 123,021 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the six commercial properties representing 49,748 square feet of the 71,088 square feet. The largest owner is Verizon, followed by City Of New York and then Lirr.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 71,088 square feet of built space are industrial buildings, with specialty buildings next occupying 0 percent of the space.

The buyer

The PincusCo database currently indicates that Royal Waste Services owned at least two commercial properties in New York City with 1,930 square feet and a city-determined market value of $1.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 91 percent of the 1,930 square feet of built space are industrial properties, with specialty properties next occupying 9 percent of the space. They are all located in Bronx.

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