Titan Industrial affiliate pays $4M for three properties in Maspeth

Anna Casalino of Titan Industrial Services through the entity Bayberry Properties, Inc. paid $4 million to Lorraine E. Ripley estate for the office building (O2) at 66-00 Queens Midtown Expressway Sr South in Maspeth, Queens, industrial building (G7) at 66-10 Perry Avenue in Maspeth, Queens, and industrial building (G7) at 66-12 Perry Avenue in Maspeth, Queens.
The deal closed on May 18, 2023 and was recorded on May 24, 2023. The three properties have 15,000 square feet of built space and 6,679 square feet of additional air rights for a total buildable of 16,707 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $266 and the price per buildable square foot is $239 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 Lorraine E. Ripley estate was Lynn C. Lehane and Kim L. Horan. The signatory for Titan Industrial Services was Anna Casalino.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 66-00 Qn Midtown Ep Sr S.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Titan Industrial Services purchased one property in one transaction for a total of $24 million and has no record it sold any properties over the past 24 months.
The seller Lorraine E. Ripley estate had not purchased any other properties and had not sold any properties over the same time period. Out of the three properties, one with a total of 15,000 square feet of built space generated revenue of $502,800 per year.

The property

The office building in Maspeth has 15,000 square feet of built space and 6,679 square feet of additional air rights for a total buildable of 16,707 square feet according to a PincusCo analysis of city data. The parcel has frontage of 169 feet and is 79 feet deep with a total lot size of 7,428 square feet. The lot is irregular. The zoning is R5B which allows for up to 1.35 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have 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 Maspeth, The majority, or 73 percent of the 22.3 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 8 percent of the space. In sales, Maspeth has 2.1 times the average sales volume among other neighborhoods with $750.5 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Maspeth has 1.8 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Queens. It had 1.9 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 the tax block of 66-00 Qn Midtown Ep Sr S, PincusCo has identified the owners of two of the 17 commercial properties representing 11,400 square feet of the 61,385 square feet. The two identified owners are Shahab Soleymani and David Chang & Hong-Mei Qi Chang.
There are no active new building construction projects on this tax block.

The majority, or 62 percent of the 61,385 square feet of built space are mixed-use buildings, with office buildings next occupying 24 percent of the space.

The buyer

The PincusCo database currently indicates that Titan Industrial Services owned at least one commercial property in New York City with 70,828 square feet and a city-determined market value of $5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property. It is located in Brooklyn.

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