Wildflower Ltd. pays $23M for half a city block of industrial property in Maspeth

Adam Gordon’s Wildflower Ltd., through the entity WF Industrial V LLC paid the the Parisi Family Limited Partnership $23.3 million for a half a city block with an address of 48-23 55th Avenue in Maspeth.

The deal closed on February 7, 2020, and was recorded on February 14, 2020. The transaction consists of 1 parcel with 80,000 square feet of land, which includes three industrial buildings. A PincusCo analysis estimated the lot has a total of 159,658 square feet of development potential, including existing buildings. That figure has not been confirmed.

The larger of the buildings, which covers the southern portion of the lot, is occupied by the CVS division Coram, which operates home infusions. The Parisi family signed a 10-year lease with Coram, which started on November 30, 2018, and runs to January 31, 2029.

The other two buildings and open space, with a total of 40,000 square feet of land, is available for a new logistics tenant, according to Wildflower.

“We are working to solve urban infrastructure issues” said Adam Gordon, managing partner, in a statement to PincusCo.

Wildflower has been active in recent months. In partnership with Robert De Niro and others, it just closed on the $71.6 million purchase of a parcel in Astoria that will be converted into a $400 million film and video production studio.

Wildflower’s other recent transactions include the $25.3 million purchase in 2018 of 554 and 578 Cozine Avenue, which cover two city blocks in East New York, as well as the purchase of 184-45 147th Avenue in Springfield Gardens for $5,5 million in May 2019.

Wildflower is currently developing over 1.7 million square feet of e-commerce logistics warehouses, film studios and self storage warehouses, according to the company.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,500,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $550,000.
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