The Real Deal New York

Parkwill pays $56M for massive Maspeth dev site

12-acre Queens property holds more than 1M buildable sf along Newtown Creek

May 18, 2016 03:15PM
By Rey Mashayekhi

Three lots near 57th Avenue in Maspeth

Three lots near 57th Avenue in Maspeth (credit: ABS Partners Real Estate)

Parkwill Management Corporation purchased a massive, 12-acre development site in the Queens neighborhood of Maspeth for $55.8 million.

The Midtown East-based investment firm led by the Zirinsky family acquired the parcel, which holds more than 1 million buildable square feet, from Phoenix-based mining company Freeport-McMoRan, according to property records filed with the city Wednesday. The deal closed May 9.

The property is located between Newtown Creek, which separates Queens from Brooklyn, and 57th Avenue just east of the Kosciuszko Bridge.

Alan Cohen and Ben Waller of ABS Partners Real Estate have marketed the property on behalf of the seller since late 2014. ABS also marketed two smaller development sites nearby – 42-02 56th Road, holding more than 193,000 buildable square feet, and 44-02 57th Avenue, holding more than 130,000 buildable square feet.

ABS marketed the sites, which held copper manufacturing operations until the 1980s, as ripe for the development of warehouse or light manufacturing facilities. The properties are located in an M3-1 zoning district, allowing heavy industry use but also light manufacturing, distribution, storage and other commercial uses, according to the offering memorandum.

The parcel at 42-02 56th Road also traded hands recently, selling for $8.6 million to Long Island City-based Aniska Realty I LLC, led by Stylianos Aniftos, according to New York Department of State records. The property at 44-02 57th Avenue has yet to sell, per city records.

Parkwill, Freeport-McMoRan and ABS Partners did not return requests for comment.

Parkwill and partner SunCap Property Group agreed last year to sell the East New York site of a new FedEx distribution center to Rector Hylan Corp. for $190 million, as The Real Deal reported.

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