Seagis Property Group pays $5.9M for industrial in Sunnyside

Seagis Property Group through the entity SPG 48-55 36th St LLC paid $5.9 million to Anastasios Vrettos through the entity Lagos Realty LLC for the industrial building (F4) at 48-55 36th Street in Sunnyside, Queens.
The deal closed on August 27, 2024 and was recorded on August 28, 2024. The property has 10,000 square feet of built space and 4,950 square feet of additional air rights for a total buildable of 15,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $590 and the price per buildable square foot is $393 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 Anastasios Vrettos was Anastasios Vrettos. The signatory for Seagis Property Group was Timothy McKenna. The contract date was April 1, 2024.
Tomas Shleiwet of Greiner-Maltz Company of New York, brokered the transaction.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Seagis Property Group had purchased any other properties and sold two properties in one transaction for a total of $4.1 million over the past 24 months.
The seller Anastasios Vrettos had not purchased any other properties and sold one properties in one transaction for a total of $5 million over the same time period.

The property

The industrial building in Sunnyside has 10,000 square feet of built space and 4,950 square feet of additional air rights for a total buildable of 15,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 150 feet and is 100 feet deep with a total lot size of 15,000 square feet. 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 $1.7 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

For the tax lot building, it received its initial certificate of occupancy on December 3, 2013. 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 Sunnyside, The bulk, or 32 percent of the 16 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Sunnyside has had very little sales volume relative to other neighborhoods with $135.8 million in sales volume in the last two years. For development, Sunnyside has had very little major development activity relative to other neighborhoods.It had 523,931 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. There was one 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 13 commercial properties representing 100,528 square feet of the 204,503 square feet. The identified owner is Lefrak.
There are no active new building construction projects on this tax block.

The majority, or 49 percent of the 204,503 square feet of built space are elevator buildings, with industrial buildings next occupying 45 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 1,179,859 square feet and a city-determined market value of $157.9 million. (Market value is typically about 50% of actual value.) The portfolio has $286.2 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 1,179,859 square feet of built space are industrial properties, with office properties next occupying 2 percent of the space. The bulk, or 81 percent of the built space, is in Queens, with Brooklyn next at 16 percent of the space.

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