SRM Concrete pays $60M for industrial in College Point

SRM Concrete through the entity 120-05 31st Ave, LLC paid $60 million to Ferrara Bros. Building Materials Corp. through the entity Ferrara Family Holding Corp. for the industrial building (F9) at 120-05 31st Avenue in College Point, Queens. The expected use is owner-occupied.
The deal closed on January 10, 2025 and was recorded on January 16, 2025. The property has 16,300 square feet of built space and 461,270 square feet of additional air rights for a total buildable of 478,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $3,680 and the price per buildable square foot is $125 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 Ferrara Bros. Building Materials Corp. was Joseph J. Ferrara. The signatory for SRM Concrete was Jeff Hollingshead. The contract date was November 30, 2023. The Ferrara family has had an interest in the property since at least 1981.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer SRM Concrete purchased one property in one transaction for a total of $12.5 million in Brownsville and has no record it sold any properties over the past 24 months.
The seller Ferrara Bros. Building Materials Corp. had not purchased any other properties and had not sold any properties over the same time period. The 16,300-square-foot property generated revenue of $619,945 or $38 per square foot, according to the most recent income and expense figures.

The property

The industrial building in College Point has 16,300 square feet of built space and 461,270 square feet of additional air rights for a total buildable of 478,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 175 feet and is 500 feet deep with a total lot size of 239,000 square feet. The lot is irregular. The zoning is M2-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $3.2 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 received four DOB 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 College Point, The bulk, or 48 percent of the 10.8 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 21 percent of the space. In sales, College Point has near average sales volume among other neighborhoods with $224.1 million in sales volume in the last two years and is the 9th highest in Queens. For development, College Point has had very little major development activity relative to other neighborhoods.It had 532,193 square feet of commercial and multi-family construction under development in the last two years, which represents 5 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 four commercial properties representing 8,400 square feet of the 24,700 square feet. The identified owner is Flushing Asphalt.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 24,700 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.

The buyer

The PincusCo database currently indicates that Srm Concrete owned at least one commercial property in New York City with 9,435 square feet and a city-determined market value of $2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property. It is located in Brooklyn.

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