Venture One pays $9.8M for industrial in Maspeth

Illinois-based Venture One Real Estate through the entity Vk 61-26 Maurice, LLC paid $9.8 million for the industrial building (E1) at 61-26 Maurice Avenue in Maspeth, Queens. The expected use is cash flowing. Venture One describes itself as, “a real estate private equity fund manager, developer and operating company specializing in the industrial property sector.” This is the first purchase in New York City PincusCo has tracked for the firm.
The deal closed on November 12, 2024 and was recorded on November 22, 2024. The property has 21,200 square feet of built space and 880 square feet of additional air rights for a total buildable of 22,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $461 and the price per buildable square foot is $444 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 signatories for the sellers were Eric Blomberg, Barbara Ackerman, and Daniel Ackerman. The signatory for Venture One Real Estate was Roy Splansky. The contract date was June 12, 2024. Roy Splansky is a founding principal.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Venture One Real Estate had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Eric Blomberg had not purchased any other properties and had not sold any properties over the same time period. The 21,200-square-foot property generated revenue of $175,400 or $8 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Maspeth has 21,200 square feet of built space and 880 square feet of additional air rights for a total buildable of 22,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 220 feet and is 100 feet deep with a total lot size of 22,000 square feet. The zoning is C8-1 which allows for up to 1 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $1 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 $200 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 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 near average sales volume among other neighborhoods with $233.7 million in sales volume in the last two years and is the 8th highest in Queens. For development, Maspeth has had very little major development activity relative to other neighborhoods.It had 442,368 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There were 14 pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

There are no active new building construction projects on this tax block.

The majority, or 73 percent of the 53,430 square feet of built space are industrial buildings, with office buildings next occupying 27 percent of the space.

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