Terreno Realty pays $7.6M to Werwaiss for LIC industrial

Terreno Realty Corporation through the entity Terreno 31st Place LLC paid $7.6 million to Werwaiss Properties through the entity Thirty First Place Associates LLC for the industrial building (F4) at 48-29 31st Place in Long Island City, Queens.
The deal closed on December 5, 2024 and was recorded on December 13, 2024. The property has 16,800 square feet of built space and 65,670 square feet of additional air rights for a total buildable of 82,500 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $452 and the price per buildable square foot is $92 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 Werwaiss Properties was John Werwaiss. The signatory for Terreno Realty Corporation was Hayes Graham. The contract date was December 5, 2024. Werwaiss Properties also uses the name Werwaiss & Co.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Terreno Realty Corporation purchased 23 properties in three transactions for a total of $280.9 million and has no record it sold any properties over the past 24 months.
The seller Werwaiss Properties had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Long Island City has 16,800 square feet of built space and 65,670 square feet of additional air rights for a total buildable of 82,500 square feet according to a PincusCo analysis of city data. The parcel has frontage of 68 feet and is 231 feet deep with a total lot size of 16,500 square feet. The lot is irregular. The zoning is M1-5 which allows for up to 5 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $2.1 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 the 8th highest sale turnover among other neighborhoods in the city with $1.1 billion in sales volume in the last two years. For development, Long Island City is the 9th most active neighborhood among other neighborhoods. It had 5.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space. There were four pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

There are no active new building construction projects on this tax block.

The majority, or 73 percent of the 74,110 square feet of built space are mixed-use buildings, with industrial buildings next occupying 27 percent of the space.

The seller

The PincusCo database currently indicates that Werwaiss Properties owned at least four commercial properties with 397 residential units in New York City with 145,088 square feet and a city-determined market value of $6.8 million. (Market value is typically about 50% of actual value.) The portfolio has $165.6 million in debt, borrowed from AIG and JPMorgan Chase. Within the portfolio, the bulk, or 98 percent of the 145,088 square feet of built space are elevator properties, with industrial properties next occupying 2 percent of the space. They are all located in Queens.

The buyer

The PincusCo database currently indicates that Terreno Realty Corporation owned at least 27 commercial properties in New York City with 822,387 square feet and a city-determined market value of $90.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 91 percent of the 822,387 square feet of built space are industrial properties, with office properties next occupying 9 percent of the space. The bulk, or 73 percent of the built space, is in Queens, with Brooklyn next at 27 percent of the space.

Direct link to Acris document. link