Under-the-radar owner James Juliano of Gen Holdings NY pays $6.2M for industrial in College Point

James Juliano of Gen Holdings NY through the entity 29-14 122nd Street, LLC paid $6.2 million to Janka Giouroukos through the entity Lavrio Realty LLC for industrial building (F9) at 29-14 122nd Street in College Point, Queens.
The deal closed on February 15, 2023 and was recorded on March 3, 2023. The property has 11,400 square feet of built space and 26,693 square feet of additional air rights for a total buildable of 38,134 square feet according to PincusCo analysis of city data. The sale price per built square foot is $543 and the price per buildable square foot is $162 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 seller bought the property on June 2, 2010, for $1.8 million. The signatory for Janka Giouroukos was Janka Giouroukos and Jarrod Greenberg. The signatory for James Juliano and Gen Holdings NY was Robert Frisoni. Juliano also owns JLJ IV Enterprises, which is a civil engineering company.

The PincusCo database currently indicates that James Juliano owned at least 28 commercial properties in New York City with 263,537 square feet and a city-determined market value of $40.5 million. (Market value is typically about 50% of actual value.) The portfolio has $16.2 million in debt, borrowed from M&T Bank. Within the portfolio, the bulk, or 81 percent of the 263,537 square feet of built space are industrial properties, with office properties next occupying 12 percent of the space. The bulk, or 63 percent of the built space, is in Queens, with Brooklyn next at 37 percent of the space.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer James Juliano purchased eight properties in five transactions for a total of $30.2 million and has no record it sold any properties over the past 24 months.
The seller Janka Giouroukos had not purchased any other properties and had not sold any properties over the same time period. The 11,400-square-foot property generated revenue of $238,377 or $21 per square foot, according to the most recent income and expense figures.

The property

The 29-14 122nd Street parcel has frontage of 170 feet and is 102 feet deep with a total lot size of 19,067 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 $1.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The neighborhood

In College Point, the bulk, or 48 percent of the 10.7 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 21 percent of the space. In sales, College Point has had very little sales volume relative to other neighborhoods with $134.2 million in sales volume in the last two years. For development, College Point has had very little major development activity relative to other neighborhoods.It had 113,144 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the four commercial properties representing 28,320 square feet of the 39,720 square feet. The identified owner is Jerry Jue Wang.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 39,720 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.

Clarification: The post has been updated to reflect that the real estate holdings are under Gen Holdings NY, and are not under the engineering company JLJ IV Enterprises.

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