Queens plumbing supplier pays $23M for Woodside industrial site
Company bought property from LSC Development, which purchased it for $9M last year
EDDIE SMALL DEC 13, 2018 9:00 AM
62-25 30th Avenue in Queens (Credit: Google Maps)
The pipe and valve supply company Mayer Malbin is purchasing a Woodside property for $22.75 million, just one year after the seller bought it for about $9 million.
The industrial property is located at 62-25 30th Avenue, and LSC Development purchased it last year with plans to develop it as a storage facility. However, Mayer Malbin was able to persuade them to sell the property instead, according to Jaffe Realty president, who brokered the deal.
“We wound up catching them at the right time,” he said, “and we just approached them and said, ‘Hey, we have a specific requirement, a specific need. We need to be in a building of this size. Can we give you an offer?’”
The company plans to use the site as their main office and warehouse distribution center. They are currently based at 41-01 36th Avenue in Long Island City but intend to sell this site to Silverstein Properties as part of the developer’s expansion into Queens. Silverstein hopes to build almost 4,000 rental units in southeastern Astoria, which would be one of the largest residential projects in New York’s recent history.
An aerial view of the site at 62-25 30th Avenue
LSC bought the neighboring property at 62-05 30th Avenue last year for about $9.4 million and filed plans with the city over the summer to develop a two-story storage facility on the site.
Madison Realty Capital is planning a 431-unit project at 69-02 Queens Boulevard in Woodside that recently received approval from the City Council, and the Hakimian Organization purchased a development site in the neighborhood earlier this year for $33 million with plans to build a 400-unit rental project.