Triangle Services pays $13.1M to Parisi family for industrial in Maspeth following partition suit

Triangle Services through the entity LPF Realty-Maspeth 80 LLC paid $13.1 million to the Parisi family for the industrial building (E1) at 54-37 48th Street in Maspeth, Queens.
The deal closed on March 31, 2023 and was recorded on April 21, 2023. The property has 8,000 square feet of built space and 71,769 square feet of additional air rights for a total buildable of 79,744 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,633 and the price per buildable square foot is $163 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 Parisi family, which previously owned the property under the entity MJD Holdings, was Irene Mattone. The signatory for Triangle Services was Perry Fine. This sale follows a judgment of sale based on a partition action filed in 2019 by the estate of Michael Parisi against Joseph Parisi, covering six industrial parcels in Maspeth, 702837/2019.

Triangle Services is an multi-pronged firm that includes airline transportation support services such as “passenger services, ramp services, cabin cleaning, GSE fueling, load planning, baggage transfer, skycap services,” according to its website. Perry Fine is president of Triangle Services.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Triangle Services had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Parisi family had not purchased any other properties and had not sold any properties over the same time period. The 8,000-square-foot property generated revenue of $478,445 or $60 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Maspeth has 8,000 square feet of built space and 71,769 square feet of additional air rights for a total buildable of 79,744 square feet according to a PincusCo analysis of city data. The parcel has frontage of 248 feet and is 154 feet deep with a total lot size of 39,872 square feet. The lot is irregular. The zoning is M2-1 which allows for up to 2 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 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 $737.7 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 1.8 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 five commercial properties representing 34,907 square feet of the 47,907 square feet. The identified owner is Wildflower Ltd..
There are no active new building construction projects on this tax block.

The majority, or 94 percent of the 47,907 square feet of built space are industrial buildings, with office buildings next occupying 6 percent of the space.

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