SRM Concrete Buys Queens Industrial Site from Ferrara Family for $60M

Concrete supplier SRM Concrete has acquired an industrial site at 120-05 31st Avenue in Flushing, Queens, for $60 million, according to city records made public Thursday.

SRM, through the entity 120-05 31st Ave., bought the two-story warehouse from the Ferrara family, which used the entity Ferrara Family Holding Corporation, records show.

Ferrara’s Joseph Ferrara signed for the seller, while it was unclear who signed for the buyer, according to records.

It’s also unclear who brokered the deal. Spokespeople for Ferrara and SRM did not immediately respond to requests for comment.

The Long Island-based Ferrara family bought the 16,300-square-foot warehouse along the Flushing Bay waterfront in 1997 from the New York City Industrial Development Agency for an unknown amount, records show.

The family company, Ferrara Bros. Building Materials Corporation, owned the site and was then acquired by U.S. Concrete in 2015 for $60 million, MarketScreener reported at the time. Then in 2021, Vulcan Materials Company took over U.S. Concrete, according to Crain’s New York Business.

SRM, which currently operates a plant at the Flushing site, will continue to run the plant as the property’s new owner, Crain’s reported. The concrete supplier also owns several other plants in Brooklyn and Queens, including another one in Flushing at 34-16 College Point Boulevard, according to the outlet.

The news of the deal comes during a busy period for New York City’s industrial industry.

Just before the new year, real estate investment trust Prologis bought a 10-acre lot in Greenpoint, Brooklyn, at 440 Kingsland Avenue from ExxonMobil for roughly $122 million, Crain’s reported.

And earlier this month, Terreno Realty purchased a 33,000-square-foot industrial building at 49-15 Maspeth Avenue in Maspeth, Queens, from transport company XPO for $50.1 million, as Commercial Observer previously reported.

Isabelle Durso can be reached at idurso@commercialobserver.com.