Star Auto Group pays $6.8M for industrial building in Murray Hill, Queens
Star Auto Group through the entity 171-27 Station Road LLC paid $6.8 million to John F. Clarke, Richard Ammirati, and Patricia A. Clarke through the entity 171 Station Road – P.A.C., LLC for the industrial building at 171-27 Station Road in Murray Hill, Queens.
The deal closed on February 17, 2022 and was recorded on March 1, 2022.
The property has 16,640 square feet of built space and 2,276 square feet of additional air rights for a total buildable of 18,971 square feet according to PincusCo analysis of city data. The sale price per built square foot is $408 and the price per buildable square foot is $358 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 July 18, 2007, for $362,036.
The signatory for John F. Clarke, Richard Ammirati, and Patricia A. Clarke was John F. Clarke, Richard Ammirati, and Patricia A. Clarke. The signatory for Star Auto Group was Michael Koufakis.
The 16,640-square-foot property generated revenue of $298,189 or $18 per square foot, according to the most recent income and expense figures.
Michael Koufakis is the principal of Star Auto Group. There is a Star location near this property.
In Murray Hill, Queens, the majority, or 70 percent of the 18.1 million square feet of built space are 1-4 family buildings, with mixed-use buildings next occupying 8 percent of the space. In sales, Murray Hill (QN) has the 31st highest sale turnover among other neighborhoods in Queens with $32.3 million in sales volume in the last two years. For development, Murray Hill (QN) has had very little major development activity relative to other neighborhoods.It had 116,942 square feet of commercial and multi-family construction under development in the last two years, which represents 0.64 percent of the neighborhood’s built space.
On the tax block, the majority, or 81 percent of the 144,635 square feet of built space are industrial buildings, with mixed-use buildings next occupying 10 percent of the space.
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