A food importer has purchased a 16,000-square-foot industrial property in the Maspeth neighborhood of Queens for $4 million, Commercial Observer has learned.
The two-story building at 54-36 48th Street includes four commercial units: two warehouses and two offices. The property, which was built in 1989 and sits between 54th Road and 55th Avenue, was listed for $4.25 million. It sits on a 9,000-square-foot lot that is zoned for manufacturing.
Warren Baymond and Marvin Raidman of DY Realty represented the buyer, Putul Distributors of Maspeth. Putul Distributors works to import food (of which 85 percent is seafood) from South Asia. It will use 50 percent of the building for its business and rent out the remaining property to tenants.
“This is an example of a local business expanding in Maspeth and this was close to their current location,” Mr. Baymond told CO of Putul Distributors, which will keep its current location on 58th Street in Maspeth one mile away.
Right Time Realty’s Joe Ibrahim and Rommel Tinio represented the seller, J.E.S Realty Associates, in negotiations. The seller purchased the property in the 1990s and used it for storage for his business, according to Mr. Ibrahim.
“The demand for industrial buildings has been pushed from all directions, creating a shortage in supply and increase in pricing,” Mr. Ibrahim said.
Mr. Ibrahim also noted that Putul Distributions put a bid on the property the first day it was listed in early September. The deal closed earlier this month.