Weitao Shi pays $10M for industrial in Long Island City

Weitao Shi through the entity Central Realty LIC LLC paid $10 million to Antranig Uckardes through the entity 43-05 Crescent Realty Corp. for industrial building (G2) at 43-05 Crescent Street in Long Island City, Queens.
The deal closed on March 21, 2023 and was recorded on March 29, 2023. The property has 4,405 square feet of built space and 22,509 square feet of additional air rights for a total buildable of 26,925 square feet according to PincusCo analysis of city data. The sale price per built square foot is $2,270 and the price per buildable square foot is $371 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 Antranig Uckardes was Antranig Uckardes. The signatory for Weitao Shi was Weitao Shi.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Weitao Shi had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Antranig Uckardes had not purchased any other properties and had not sold any properties over the same time period. The 4,405-square-foot property generated revenue of $134,292 or $30 per square foot, according to the most recent income and expense figures.

The property

The 43-05 Crescent Street parcel has frontage of 85 feet and is 89 feet deep with a total lot size of 5,385 square feet. The lot is irregular. The zoning is M1-5/R7-3 which allows for up to 5 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $543,000.

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 Long Island City, the bulk, or 33 percent of the 62.1 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 32 percent of the space. In sales, Long Island City has the 9th highest sale turnover among other neighborhoods in the city with $1.6 billion in sales volume in the last two years. For development, Long Island City is the 4th most active neighborhood among other neighborhoods. It had 8.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 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 113,555 square feet of the 132,185 square feet. The identified owner is Rockrose Development.
On the tax block, there was one new building construction project filed totaling 90,485 square feet. It is a 123-unit, 90,485-square-foot R-2 building developed by Justin Elghanayan of Rockrose Development with plans filed April 19, 2017 and permitted December 22, 2017.

The majority, or 86 percent of the 132,185 square feet of built space are elevator buildings, with industrial buildings next occupying 11 percent of the space.

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