Texas-based Waste Connections pays $26.5M to Royal Waste for industrial in Jamaica, second purchase

Waste Connections based in suburban Houston, through the entity Royal Waste Property Holdings LLC, paid $26.5 million to Royal Waste Services through the entity M & P Reali Enterprises, Inc. for the industrial building (E1) at 172-02 to 172-06 Douglas Avenue in Jamaica, Queens. This is the second purchase Waste Connections has made from Royal Waste this month.
The deal closed on September 3, 2024 and was recorded on September 23, 2024. The property has 41,447 square feet of built space and 9,090 square feet of additional air rights for a total buildable of 50,505 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $640 and the price per buildable square foot is $525 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 other transaction was $12.6 million in Mott Haven and it also closed on September 3.

The property

The parcel has three buildings with frontage of 326 feet and is 137 feet deep with a total lot size of 50,505 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 $2.7 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 $13,500 in OATH penalties 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 Jamaica, The bulk, or 34 percent of the 29.2 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 14 percent of the space. In sales, Jamaica has near average sales volume among other neighborhoods with $288.4 million in sales volume in the last two years and is the 5th highest in Queens. For development, Jamaica has 2.1 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Queens. It had 2.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 21 commercial properties representing 5,472 square feet of the 92,252 square feet. The identified owner is Khemlall Bisember.
On the tax block, there was one new building construction project filed totaling 1,931 square feet. It is a 1,931 square-foot mercantile (M) building submitted by Tomasso Fini with plans filed March 13, 2017 and it has not been permitted yet.

The majority, or 92 percent of the 92,252 square feet of built space are industrial buildings, with mixed-use buildings next occupying 7 percent of the space.

Direct link to Acris document. link