Stephen Vouvoudakis pays $3.6M for industrial in Maspeth

Stephen Vouvoudakis through the entity Maspeth 55th Street Holdings LLC paid $3.6 million to Santo J. Lofaso, Jr. through the entity 5901 55th Street LLC for the midblock industrial building at 59-01 55th Street in Maspeth, Queens.
The deal closed on January 13, 2022 and was recorded on April 18, 2022.

The property has 7,300 square feet of built space and 73 square feet of additional air rights for a total buildable of 7,350 square feet according to PincusCo analysis of city data. The sale price per built square foot is $493 and the price per buildable square foot is $489 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 April 4, 2014, for $1.4 million. The signatory for Santo J. Lofaso, Jr. was Santo J. Lofaso, Jr. The signatory for Stephen Vouvoudakis was Stephen Vouvoudakis.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Stephen Vouvoudakis had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Santo J. Lofaso, Jr. had not purchased any other properties and had not sold any properties over the same time period. The 7,300-square-foot property generated revenue of $120,815 or $17 per square foot, according to the most recent income and expense figures.

The property

The 59-01 55th Street parcel has frontage of 73 feet and is 100 feet deep with a total lot size of 7,350 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 $658,000.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. 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 $5 million on this tax lot.

The neighborhood

In Maspeth, the bulk, or 46 percent of the 38.7 million square feet of commercial built space are 1-4 family buildings, with industrial buildings next occupying 39 percent of the space. In sales, Maspeth has 1.9 times the average sales volume among other neighborhoods with $538 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Maspeth has 1.9 times the average amount of major developments relative to other neighborhoods and is the 7th highest in Queens. It had 1.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 31 commercial properties representing 34,300 square feet of the 186,256 square feet. The largest owner is Stanislaw Rys, followed by Dcd Ny Properties LLC and then 55 Maspeth, LLC. There are no active new building construction projects on this tax block.

The majority, or 90 percent of the 204,733 square feet of built space are industrial buildings, with 1-4 family buildings next occupying 9 percent of the space.

Surrounding

Within a 400-foot radius of 59-01 55th Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which DNJ Mechanical borrowed $7 million from Sterling National Bank secured by the industrial (G7) lot at 59-32 55th Street and one other property on February 12, 2020.

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