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2 26 50TH AVENUE REAL ESTATE CO INC
LONG ISLAND CITY, NY · EIN 472397304 · Form 990 · FY2024 · Small ($100K-$1M)
revenue
$674K
expenses
$772K
net assets
$-26K
employees
0
mission · from form 990

TO OWN AND LEASE TO A THIRD PARTY OPERATOR THE TWO STORY PARKING GARAGE LOT LOCATED AT 2-26 50TH AVENUE, LONG ISLAND CITY, NEW YORK, ON BEHALF OF THE PLUMBERS LOCAL UNION NO. 1. THE UNION IS A LABOR ORGANIZATION EXEMPT FROM TAXATION UNDER SECTION 501(C)(5) OF THE INTERNAL REVENUE CODE.

profile · synthesized from sources

2 26 50TH AVENUE REAL ESTATE CO INC is a New York-based real estate entity established to own and lease a two-story parking garage located at 2-26 50th Avenue, Long Island City. The property is leased to a third-party operator and serves as an income-generating asset on behalf of Plumbers Local Union No. 1, a tax-exempt labor organization. The organization does not engage in direct public programming or services.

activities · 1 group

What they do

  • Union Real Estate Holding Corporation 1 activity
    • Owns and leases parking garage property
      Owns a two-story parking garage located at 2-26 50th Avenue, Long Island City, New York, and leases it to a third-party operator on behalf of Plumbers Local Union No. 1.
financials · form 990 · fy2024
revenue
Total revenue$674K
Contributions & grants$00%
Program service revenue$674K100%
Investment income$00%
Other revenue$0
expenses
Total expenses$772K
Program expenses—
Admin / overhead—
Fundraising—
Salaries & benefits$0
Grants paid out$0
Largest expense lineProfessional Fees
balance sheet
Total assets$4.78M
Cash$457K
Investments$0
Liabilities$4.80M
Net assets$-26K
Liquid reserves7.1 mo
3 years on record · 2022–2024 · YoY revenue -10.7%
leadership · form 990 part vii · fy2024

Who runs it

paid leadership · 2
NameTitleHours/wkCompensation
PAUL O'CONNOR PRESIDENT 1 $385K
FRED DELLIGATTI SECRETARY/TREASURER 1 $347K
relationships · 1

Who they work with

  • Plumbers Local Union No. 1 Partner — Owns and leases property on behalf of Plumbers Local Union No. 1, a labor organization exempt under section 501(c)(5) of the Internal Revenue Code.
strategies · 1

How they approach the work

Named approaches extracted from this org’s sources. Where others share an approach, follow it to see the full set of orgs running it.

  • Real Estate Leasing for Labor Union Benefit
    methodology: real-estate-leasing-for-benefit-of-labor-union
    By owning and leasing real estate to third-party operators, the organization generates revenue or operational benefit for Plumbers Local Union No. 1, thereby supporting the union's financial sustainability and capacity, because stable real estate assets provide a reliable income stream that can be directed toward union priorities.