Turnbridge Equities paid $40M to Greiner-Maltz Management

Turnbridge Equities through the entity 5895 Maurice Avenue Property LLC paid Greiner-Maltz Management’s Cmj Realty Co., LLC $39.5 million for 1 parcel, including the tax class fireproof warehouse (E1) at 58-95 Maurice Avenue in Queens. The deal closed on July 18, 2019 and was recorded on July 25, 2019. The parcel(s) have total development potential of 127,587 square feet.
The average sale price per square foot is $310.
The estimated cap rate is 2.5%

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel. There was one renovation/alteration project (A2) applied for with a total estimated value of $379,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link