Industrial condominium · Ridgewood, Queens
48-05 Metropolitan Avenue
Ridgewood, NY 11385
48-05 Metropolitan Avenue is a 2-floor industrial condominium in Ridgewood, Queens, built in 1930, with about 126,000 square feet of industrial and storage space according to city records.
Also at 48-19 to 48-21 Metropolitan Avenue.
- Industrial and storage space
- 126K SF
- Floors
- 2
- Year built
- 1930
- Zoning
- M3-1
The 4th largest of the 16 industrial and storage buildings we track in Ridgewood. Compare it with 6 neighbors
No space at 48-05 Metropolitan Avenue is listed on Leasemark yet. Own or broker space here? List it free and it is matched against every active requirement the day it goes up, or import a spreadsheet of up to 50 spaces at once. Nothing free right now? Get tenant alerts for Ridgewood and hear the moment a tenant posts a requirement there.
Compared with its neighbors
How 48-05 Metropolitan Avenue compares
Next to the 6 nearest large industrial and storage buildings, all within a 3 minute walk, 48-05 Metropolitan Avenue ranks 2nd of 7 by industrial and storage floor area. It went up in 1930; the median neighbor dates from 1930. Its estimated property tax, about $0.80 a square foot of floor area before abatements, is below the neighbors' median of $5.12.
| Building | Industrial and storage space | Floors | Built | Tax / SF | Last sale |
|---|---|---|---|---|---|
| 48-05 Metropolitan Avenue | 126K SF | 2 | 1930 | $0.80 | n/a |
| 49-29 Metropolitan Avenue | 51K SF | 1 | 1930 | $5.92 | Dec 2015, $13.8M |
| 63-63 Woodward Avenue | 73K SF | 1 | 1922 | Exempt | n/a |
| 47-05 Metropolitan Avenue | 148K SF | 2 | 1938 | $4.33 | n/a |
| 47-40 Metropolitan Avenue | 52K SF | 2 | 1922 | Exempt | Mar 2014, $7.8M |
| 19-48 Troutman Street | 53K SF | 1 | 1931 | $6.21 | n/a |
| 51-18 Grand Avenue | 114K SF | 2 | 1930 | $3.23 | n/a |
Sources: NYC Department of City Planning, PLUTO 26v2 for size, floors and year built; NYC Department of Finance 2026/27 roll for tax (taxable value times the class rate, before abatements, over the whole floor area); ACRIS for the last deed that moved the whole lot for a real price (a price for several lots is their combined price; condominiums sell by the unit and show n/a). Large means at least 50,000 SF of the building's main use. Walking times are straight-line estimates.
NYC tax lot records
Building facts
- Other address
- 48-19 to 48-21 Metropolitan Avenue
- ZIP code
- 11385
- Building type
- Industrial condominium (city class RW)
- Total floor area
- 126,235 SF
- Commercial floor area
- 126,235 SF
- Industrial and storage
- 126,235 SF
- Height
- 2 floors
- Year built
- 1930
- Last major alteration
- 2019
- Lot area
- 14,400 SF
- Zoning district
- M3-1
- Built FAR
- 8.77
- Max commercial FAR
- 2
- Tax lot (BBL)
- 4026117501
Source: NYC Department of City Planning, PLUTO 26v2, pulled 2026-10-03; addresses from the Property Address Directory (PAD) 26b; subway stations from the MTA Subway Stations dataset, pulled 2026-10-03. Floor areas are the city's estimates for the whole building, not available space. Walking times are straight-line estimates. How we build these pages. Something wrong on this page? Tell us.
NYC Department of Finance records
Owner, property tax and assessed value
48-05 Metropolitan Avenue is a condominium of 2 tax lots. MULT LOTS, LLC, one of 2 owners of record on the roll, owns the units that make up 56% of its market value. For tax year 2026/27 the city values 48-05 Metropolitan Avenue at $35.8 million and assesses it at $16.1 million. After phase-ins and exemptions its taxable value is $925,290; at the Class 4 rate of 10.848% (tax year 2025/26, the latest rate the Department of Finance lists) that comes to about $100,375 a year before abatements, roughly $0.80 per square foot of floor area. Commercial leases here often pass a tenant's share of tax increases over a base year through as additional rent.
- Largest unit owner
- MULT LOTS, LLC (56% of market value)
- Tax class
- Class 4 (commercial and industrial)
- City market value
- $35,784,000
- Land market value
- $2,800,000
- Assessed value
- $16,102,800
- Taxable value (phased in)
- $15,771,240
- Exemptions
- $14,845,950
- Estimated yearly tax
- About $100,375
- Tax per SF of floor area
- About $0.80
- Condominium tax lots
- 2
- Owners of record
- 2
City market value by tax year
Source: NYC Department of Finance, Property Valuation and Assessment Data (2026/27 roll, summed over 2 condominium tax lots; owner names as the roll records them, which cuts some long names short), pulled 2026-10-03; tax rate from the Department of Finance tax rates page, checked 2026-09-28. The estimate is the taxable value times the class rate. It leaves out abatements, payment-in-lieu-of-taxes agreements and charges, so the actual bill can differ.
NYC Department of Buildings permits
Work permits and build-outs
In the 12 months to October 2026, the Department of Buildings issued first permits for 1 job at 48-05 Metropolitan Avenue. In the last two years, interior work was permitted on 4 floors (floors 1 to 4). The newest build-out, on floors 1 to 4 and the roof, was first permitted in September 2026 (construction, mechanical; filed cost estimate $1.1 million).
- New jobs, last 12 months
- 1
- Initial permits, last 12 months
- 2
- Newest job first permitted
- September 2026
- Interior build-outs, last 24 months
- 1
- Floors with interior work, last 24 months
- 1 to 4
Recent build-outs
New jobs by year
Build-outs across RidgewoodWhere NYC offices are being built out
Source: NYC Department of Buildings, DOB NOW: Build Approved Permits, pulled 2026-10-03 (permits issued through 2026-10-01). A job counts once, when its first permit is issued; renewals are not new work. A build-out groups jobs on the same floors first permitted within 120 days of each other. Costs are the estimates filed with the jobs. Jobs filed before DOB NOW (in the older BIS system) are not counted. A permit is approval to do the work; it does not say who the work is for or whether it is finished.
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Questions about 48-05 Metropolitan Avenue
How big is 48-05 Metropolitan Avenue?
48-05 Metropolitan Avenue has about 126,000 square feet of floor area in total, including 126,000 square feet of industrial and storage space, according to NYC PLUTO 26v2. These are the city's estimates for the whole building, not space that is available.
When was 48-05 Metropolitan Avenue built?
City records list 1930 as the year built, with a major alteration recorded in 2019. The building is 2 floors tall.
What other addresses does 48-05 Metropolitan Avenue have?
City records list 48-19 to 48-21 Metropolitan Avenue on the same tax lot (BBL 4026117501) as 48-05 Metropolitan Avenue. A space listed on Leasemark at any of these addresses shows up on this page.
What is the ZIP code of 48-05 Metropolitan Avenue?
48-05 Metropolitan Avenue is in ZIP code 11385, according to the city's tax lot records (NYC PLUTO 26v2) and the Department of Finance's assessment roll. The full mailing address is 48-05 Metropolitan Avenue, Ridgewood, NY 11385.
What is the zoning at 48-05 Metropolitan Avenue?
The lot is in the M3-1 zoning district. PLUTO lists a built floor area ratio (FAR) of 8.77 and a maximum commercial FAR of 2 for this lot.
What subway station is closest to 48-05 Metropolitan Avenue?
The closest subway station to 48-05 Metropolitan Avenue is Seneca Av (the M train), about 1.0 miles away in a straight line, roughly 19 minutes on foot. Walking times are straight-line estimates; the street route is longer.
Who owns 48-05 Metropolitan Avenue?
48-05 Metropolitan Avenue is a condominium of 2 tax lots. MULT LOTS, LLC, one of 2 owners of record on the roll, owns the units that make up 56% of its market value. That is from the NYC Department of Finance's 2026/27 assessment roll (BBL 4026117501). Deeds and mortgages for each unit are public in ACRIS, the city's property records system.
Is there construction at 48-05 Metropolitan Avenue?
In the 12 months to October 2026, the Department of Buildings issued first permits for 1 job at 48-05 Metropolitan Avenue. In the last two years, interior work was permitted on 4 floors (floors 1 to 4). The newest build-out, on floors 1 to 4 and the roof, was first permitted in September 2026 (construction, mechanical; filed cost estimate $1.1 million). These are the Department of Buildings' DOB NOW work permits for tax lot 4026117501. A permit is approval to do the work; it does not say who the work is for or whether it is finished.
What are the property taxes at 48-05 Metropolitan Avenue?
The Department of Finance's 2026/27 assessment roll lists a taxable value of $925,290 for 48-05 Metropolitan Avenue (the sum of its 2 condominium tax lots). At the Class 4 rate of 10.848% (tax year 2025/26, the latest rate the Department of Finance lists), that is about $100,375 a year, roughly $0.80 per square foot of floor area, before abatements such as ICAP. The city's property tax records for BBL 4026117501 show the actual bill.
What is the assessed value of 48-05 Metropolitan Avenue?
For tax year 2026/27, the NYC Department of Finance puts the market value of 48-05 Metropolitan Avenue at $35.8 million ($2.8 million of it land) and its assessed value at $16.1 million, the 45% of market value the city assesses for Class 4 property. The city's market value rose 135% from 2022/23 ($15.2 million) to 2026/27.
Is there industrial and storage space for lease at 48-05 Metropolitan Avenue?
No space at 48-05 Metropolitan Avenue is listed on Leasemark right now. Owners and brokers can list space here for free, and tenants can post a requirement to be matched when space opens up.
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Ridgewood
Transit hubs in Ridgewood
- M at Forest Av
- M at Seneca Av
- M at Fresh Pond Rd
- L at Halsey St