Wildflower pays $35.8M to NY Times for parcel in College Point, already controlled site

Wildflower Ltd. through the entity WF Industrial X LLC paid $35.8 million to The New York Times Company through the entity NYT College Point LLC for the property at 28-10 Whitestone Expressway in College Point, Queens. The expected use is cash flowing. Wildflower already controlled the site and developed a three-story warehouse.
The deal closed on February 21, 2025 and was recorded on February 28, 2025. The property has 252,890 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $142 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 The New York Times Company was R. Anthony Benten. The signatory for Wildflower Ltd. was Adam I. Gordon . The contract date was December 9, 2020. The parties recorded a memorandum of contract and lease in 2023.  Wildflower obtained a construction loan in 2023 from PIMCO for the development of a three-story building on the parcel, as PincusCo reported at the time.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Wildflower Ltd. purchased eight properties in one transaction for a total of $27 million and sold one property in one transaction for a total of $18 million over the past 24 months.
The seller The New York Times Company had not purchased any other properties and had not sold any properties over the same time period.

The property

The most recent loan totaled $94 million and was provided by PIMCO on March 17, 2023.

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 not received any significant violations in the last year.

Development

On the lot, there is one active new building construction project, Q00688595, for a 252,298 square-foot S-1 building. The project was submitted by Wildflower Ltd. and filed by Matthew Dicker with plans filed March 9, 2022 and permitted December 21, 2023.

The block

On this tax block, PincusCo has identified the owners of three of the four commercial properties representing zero square feet of the 443,492 square feet. The two identified owners are City Of New York and Wildflower Ltd.

The majority, or 100 percent of the 443,492 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.

The buyer

The PincusCo database currently indicates that Wildflower Ltd. owned at least 32 commercial properties in New York City with 783,011 square feet and a city-determined market value of $75.5 million. (Market value is typically about 50% of actual value.) The portfolio has $348.5 million in debt, with top three lenders as PIMCO, Ares Management, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 100 percent of the 783,011 square feet of built space are industrial properties, with development properties next occupying 0 percent of the space. The bulk, or 93 percent of the built space, is in Queens, with Bronx next at 7 percent of the space.

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