Seagis Property Group pays $10.9M for industrial in Ditmars Steinway

Seagis Property Group through the entity Spg 18-45 Steinway St LLC paid $10.9 million to the entity Steinway-Empire Realty Associates L.P. for the industrial building (E1) at 18-45 Steinway Street in Ditmars Steinway, Queens. The expected use is cash flowing.
The deal closed on March 18, 2026 and was recorded on March 26, 2026. The property has 26,000 square feet of built space for a total buildable of 26,003 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $419 and the price per buildable square foot is $419 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 the seller Rosa K. Chang was an attorney, Allen Schifino . The signatory for Seagis Property Group was Erin Plourde . The contract date was January 22, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Seagis Property Group purchased two properties in two transactions for a total of $17.9 million and has no record it sold any properties over the past 24 months.
The seller Rosa K. Chang had not purchased any other properties and had not sold any properties over the same time period. The 26,000-square-foot property generated revenue of $597,921 or $23 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Ditmars Steinway has 26,000 square feet of built space for a total buildable of 26,003 square feet according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 200 feet deep with a total lot size of 26,003 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 $2.6 million.

Transaction Participants

Danielle Gonzalez at Greenberg Traurig participated in the transaction on behalf of the buyer .

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 Ditmars Steinway, The bulk, or 41 percent of the 11.3 million square feet of commercial built space are walkup buildings, with industrial buildings next occupying 25 percent of the space. In sales, Ditmars Steinway has 1.2 times the average sales volume among other neighborhoods with $386 million in sales volume in the last two years and is the 5th highest in Queens. For development, Ditmars Steinway has had very little major development activity relative to other neighborhoods.It had 281,997 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 48 commercial properties representing 89,821 square feet of the 318,515 square feet. The largest owner is Salvatore Lucchese, followed by Seagis Property Group and then Westrock Development.
There are no active new building construction projects on this tax block.

The majority, or 94 percent of the 318,515 square feet of built space are industrial buildings, with office buildings next occupying 5 percent of the space.

The buyer

The PincusCo database currently indicates that Seagis Property Group owned at least 82 commercial properties in New York City with 1,191,769 square feet and a city-determined market value of $159.3 million. (Market value is typically about 50% of actual value.) The portfolio has $280.2 million in debt, with top three lenders as JPMorgan Chase, Nuveen Real Estate, and Empower Annuity Insurance Company of America respectively. Within the portfolio, the bulk, or 98 percent of the 1,191,769 square feet of built space are industrial properties, with office properties next occupying 2 percent of the space. The bulk, or 83 percent of the built space, is in Queens, with Brooklyn next at 16 percent of the space.

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