Terreno Realty pays $4.7M for industrial in Long Island City

Terreno Realty Corporation through the entity Terreno 33rd St Ii LLC paid $4.7 million to the entity Heidina Real Estate Holdings, Inc. for the industrial building (G1) at 428 33rd Street in Long Island City, Queens.
The deal closed on November 17, 2025 and was recorded on November 21, 2025. The property has 2,500 square feet of built space and 37,400 square feet of additional air rights for a total buildable of 40,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,880 and the price per buildable square foot is $117 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 the seller was Diane Dierks Gershkowitz. The signatory for Terreno Realty Corporation was Christine Falco . The contract date was October 8, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Terreno Realty Corporation purchased 28 properties in eight transactions for a total of $526.5 million and has no record it sold any properties over the past 24 months.
The seller Diane Dierks Gershkowitz had not purchased any other properties and had not sold any properties over the same time period. The 2,500-square-foot property generated revenue of $108,532 or $43 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Long Island City has 2,500 square feet of built space and 37,400 square feet of additional air rights for a total buildable of 40,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 200 feet deep with a total lot size of 20,000 square feet. The zoning is M1-4 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1.1 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

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 Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has 3.3 times the average sales volume among other neighborhoods with $979.5 million in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 9th most active neighborhood among other neighborhoods. It had 6.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the eight commercial properties representing 20,000 square feet of the 179,988 square feet. The identified owner is Terreno Realty Corporation.
There are no active new building construction projects on this tax block.

All properties are industrial.

The buyer

The PincusCo database currently indicates that Terreno Realty Corporation owned at least 33 commercial properties in New York City with 1,129,122 square feet and a city-determined market value of $121.8 million. (Market value is typically about 50% of actual value.) The portfolio has $72.9 million in debt, borrowed from Apollo Global Management. Within the portfolio, the bulk, or 93 percent of the 1,129,122 square feet of built space are industrial properties, with office properties next occupying 6 percent of the space. The bulk, or 67 percent of the built space, is in Queens, with Brooklyn next at 33 percent of the space.

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