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Park Construction Dipping into LIC: Pays $11.5M For Property

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Park Construction Corp. moved ahead and bought property for a pair of adjacent buildings at 37-24 and 37-26 30th St. in Long Island City, for $11.5 million, Crain’s reports.

Executive Robert Cerrone and his company are much more interested in the land though and will put up a 50,000-square-foot condominium complex in place of the current buildings.

CT Brothers was able to use Anand Melwani as a broker in order to make the transaction with Park Construction possible. Broker Anand Melwani arranged the deal between Park Construction and the seller, CT Brothers. Alexandre Goulet is another broker who had his hand in helping make everything happen.

Cerrone started getting more involved in residential projects after previously focusing more on high rises. One recent building that went up by Park Construction is 7-story, 56-unit condo at 21-17 31st Ave. in Astoria.

The area isn’t the industrial powerhouse it used to be but is still an attractive location with its transportation options that can get people into midtown Manhattan pretty quickly. Companies like Slate Development want to get in on the action and already started doing so by purchasing a building at 37-11 30th St. and then creating a residential complex if the plans are followed.

Acquiring land and building on it can run into some roadblocks though, such as the fact that Melwani said Park Construction will need to cough up $1 million on 37-24 and 37-26 30th St. in order to remediate the chemicals that are in the ground from the previous dry-cleaning business that was there.

Melwani said Park Construction is also making sure to not lose focus of mid-sized developments too, with the company currently looking at another similar purchase it may make.

“Rob is a person who has an expertise in construction,” Melwani said. “He got to the point in his career where he realized he could build his own projects as well.”

Park Construction is a full service contracting, construction, and management company. It offers services that include the development and construction on a wide variety of projects ranging from commercial projects to the building of single and multi-family homes. Furthermore, the company works extensively with New York, New York State, and federal agencies in order to meet their requirements for tax abatements and exemptions, zoning variances, and special permits. Additionally, the firm is an active participant in various local, civic, trade, and charitable organizations.

The company boasts it is good at doing things like working with its team of licensed real estate brokers to locate properties tailored for the needs of their clients, and they handle a wide range of clients and properties.

The firm’s long list of accomplishments includes work it’s done on low-income housing projects, single family spec homes, multi-million dollar luxury homes, luxury apartment buildings, nursing homes, public works projects, and hospitals.

By: Ken Slater

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