Zheng Sheng Zheng pays $4.5M for industrial in Long Island City

Zheng Sheng Zheng through the entity 1130 44th Rd Property LLC paid $4.5 million to Jonathan White through the entity 11-30 44th Rd., Inc. for the industrial building (G2) at 11-30 44th Road in Long Island City, Queens.
The deal closed on September 22, 2023 and was recorded on October 13, 2023. The property has 10,000 square feet of built space and 9,999 square feet of additional air rights for a total buildable of 19,998 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $450 and the price per buildable square foot is $225 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 Jonathan White was Jonathan White. The signatory for Zheng Sheng Zheng was Zheng Sheng Zheng. The contract date was August 21, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Zheng Sheng Zheng had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jonathan White had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Long Island City has 10,000 square feet of built space and 9,999 square feet of additional air rights for a total buildable of 19,998 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 9,999 square feet. The zoning is M1-4 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $641,000.

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

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 Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has the 9th highest sale turnover among other neighborhoods in the city with $1.8 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 8.6 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. There were two pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the seven commercial properties representing 57,700 square feet of the 179,100 square feet. The largest owner is Werner Schilling, followed by Simon Blitz and then Dulji Drekovic.
There are no active new building construction projects on this tax block.

The majority, or 68 percent of the 179,100 square feet of built space are industrial buildings, with retail buildings next occupying 22 percent of the space.

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