Abraham Waldman pays $4.8M for LIC dev site formerly facing foreclosure

Abraham Waldman through the entity 3001 Northern Blvd Realty LLC paid $4.8 million to Matthew Schwartz and Scott Minuta through the entity 30-01 Northern Blvd LLC for the office building (O2) at 30-01 Northern Boulevard in Long Island City, Queens. The expected use is ground up development.
The deal closed on February 28, 2025 and was recorded on March 24, 2025. The property has 9,200 square feet of built space and 15,256 square feet of additional air rights for a total buildable of 24,450 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $521 and the price per buildable square foot is $196 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on December 23, 2005, for $1.6 million. The signatories for Matthew Schwartz and Scott Minuta were Matthew Schwartz and Scott Minuta. The signatory for Abraham Waldman was Abraham Waldman. The contract date was December 2, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Abraham Waldman purchased one property, a development site, for $6.9 million and has no record he sold any properties over the past 24 months.
The seller Matthew Schwartz had not purchased any other properties and sold one property in one transaction for a total of $9.7 million over the same time period. The 9,200-square-foot property generated revenue of $285,108 or $31 per square foot, according to the most recent income and expense figures.

The property

The office building in Long Island City has 9,200 square feet of built space and 15,256 square feet of additional air rights for a total buildable of 24,450 square feet according to a PincusCo analysis of city data. The parcel has frontage of 51 feet and is 92 feet deep with a total lot size of 4,890 square feet. The zoning is M1-3/R7X which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 5 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.3 million. The most recent loan totaled 0.0 and was provided by Hirshmark Capital on February 7, 2024.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $4.5 million commercial foreclosure concerning a loan filed on May 9, 2023, by Kearny Bank against Matthew Schwartz. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on July 22, 2013. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has the 9th highest sale turnover among other neighborhoods in the city with $1.2 billion in sales volume in the last two years. For development, Long Island City is the 6th most active neighborhood among other neighborhoods. It had 6.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 12 of the 15 commercial properties representing 275,561 square feet of the 349,749 square feet. The largest owner is Cubesmart, followed by Anjali Gopalani and then Muhammad I. Hameed.
On the tax block, there were three new building construction projects totaling 41,414 square feet. The largest is a 26-unit, 29,674 square-foot residential (R-2) building submitted by SB Development Group and filed by Joseph Stern with plans filed March 4, 2022 and permitted December 11, 2023. The second largest is a 5,870 square-foot mercantile (M) building submitted by Kyong Park with plans filed February 12, 2016 and permitted August 14, 2019.

The majority, or 45 percent of the 349,749 square feet of built space are hotel buildings, with industrial buildings next occupying 43 percent of the space.

The seller

The PincusCo database currently indicates that Matthew Schwartz owned at least one commercial property in New York City with 9,200 square feet and a city-determined market value of $1.3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Queens.

The buyer

The PincusCo database currently indicates that Abraham Waldman owned at least 10 commercial properties with 97 residential units in New York City with 86,608 square feet and a city-determined market value of $13.9 million. (Market value is typically about 50% of actual value.) The portfolio has $34.1 million in debt, with top three lenders as Peapack-Gladstone Bank, Valley National Bank, and Bank of Princeton respectively. Within the portfolio, the bulk, or 47 percent of the 86,608 square feet of built space are walkup properties, with elevator properties next occupying 43 percent of the space. They are all located in Brooklyn.

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