A&E Real Estate Holdings pays $15M to Feil Organization for residential elevator building in Rego Park
A&E Real Estate Holdings through the entity 92-40 Queens Boulevard, LLC paid $15 million to Feil Organization through the entity Calmar Realty Co. LLC for 60-unit residential elevator building at 92-40 Queens Boulevard in Rego Park, Queens.
The deal closed on February 1, 2022 and was recorded on February 11, 2022.
The property has 68,700 square feet of built space and 6,799 square feet of additional air rights for a total buildable of 75,456 square feet according to PincusCo analysis of city data. The sale price per built square foot is $218 and the price per buildable square foot is $198 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 signatory for Feil Organization was Jeffrey J. Feil. The signatory for A&E Real Estate Holdings was Darryl Smith.
Prior to this transaction, the buyer A&E Real Estate Holdings purchased three properties in three transactions for a total of $120.8 million and sold 40 properties in one transactions for a total of $14.2 million over the past 24 months.
The seller Feil Organization purchased seven properties in three transactions for a total of $42.3 million and sold 173 properties (including unsold condo units) in four transactions for a total of $7.9 million over the same time period.
The 68,700-square-foot property generated revenue of $1.3 million or $18 per square foot, according to the most recent income and expense figures.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.
In Rego Park, the majority, or 60 percent of the 22.5 million square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 22 percent of the space. In sales, Rego Park has had very little sales volume relative to other neighborhoods with $106.8 million in sales volume in the last two years. For development, Rego Park has had very little major development activity relative to other neighborhoods.It had 612,506 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.
On the tax block, the majority, or 79 percent of the 211,580 square feet of built space are residential elevator buildings, with specialty buildings next occupying 12 percent of the space.
The former owners according to the Department of Housing Preservation and Development includes Carole Dertner, head officer and Jeffrey Feil, officer. The business entities were Broadwall Management Corp. and Calmar Realty Co.
Within a 400-foot radius of 92-40 Queens Boulevard, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit application filed on November 8, 2021 for a 57,407-square-foot R-2 building with 26 residential units at 92-54 Queens Boulevard.
One of those three items was a sale which Slate Property Group bought the 0-square-foot development site (V1) on 92-54 Queens Boulevard for $13.1 million from Xiao Jun Chen on November 15, 2021.
One of those three items was a loan which Slate Property Group borrowed $7.8 million from Citibank secured by the 0-square-foot development site (V1) on 92-54 Queens Boulevard on November 15, 2021.
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