Seren Morey pays $2.4M for industrial in Maspeth

Seren Morey through the entity 57-52 Realty LLC paid $2.4 million to Yaakov Pfeiffer and Vincent Vennera through the entity Eli23 Holdings LLC for the industrial building (F4) at 57-52 58th Place in Maspeth, Queens.
The deal closed on February 15, 2024 and was recorded on February 26, 2024. The property has 3,619 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $649 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 seller bought the property on November 30, 2017, for $1.1 million. The signatory for Yaakov Pfeiffer and Vincent Vennera was Yaakov Pfeiffer and Vincent Vennera. The signatory for Seren Morey was Seren Morey. The contract date was September 8, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Seren Morey had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Yaakov Pfeiffer had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Maspeth has 3,619 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 27 feet and is 90 feet deep with a total lot size of 2,429 square feet. The zoning is M1-1D which allows for up to 1 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $392,000.

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

For the tax lot building, it received its initial certificate of occupancy on December 15, 2023. 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 Maspeth, The majority, or 73 percent of the 22.3 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 8 percent of the space. In sales, Maspeth has 1.6 times the average sales volume among other neighborhoods with $483.5 million in sales volume in the last two years and is the 4th highest in Queens. For development, Maspeth has had very little major development activity relative to other neighborhoods.It had 305,221 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space. There were 10 pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On the tax block, there was one new building construction project filed totaling 4,650 square feet. It is a 4,650 square-foot industrial (F-2) building submitted by Ashraf Ahmed with plans filed March 2, 2020 and it has not been permitted yet.

The majority, or 80 percent of the 17,621 square feet of built space are industrial buildings, with mixed-use buildings next occupying 20 percent of the space.

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