Arker Companies through the entity Edgemere Aa LLC paid $45 million to Mallory Management through the entity Nht Owners, LLC for 153-unit residential elevator building at 22-10 New Haven Avenue in Far Rockaway, Queens.
The deal closed on March 31, 2022 and was recorded on April 25, 2022.
The property has 180,300 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $249 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 Mallory Management was Steven Beberman. The signatory for Arker Companies was Daniel Moritz, Blanch Arker, Alex Arker, Simon Bacchus, and Allan Arker. Steven Beberman is the president of Mallory Management Corp.
Prior sales and revenue
Prior to this transaction, Pincusco has records that the buyer Arker Companies purchased 15 properties in two transactions for a total of $33.5 million and sold 10 properties in one transactions for a total of $90.4 million over the past 24 months.
The seller Mallory Management had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Steven Beberman, head officer and Michele Beberman, officer. The business entity is Nht Owners Llc. The 180,300-square-foot property generated revenue of $3.4 million or $19 per square foot, according to the most recent income and expense figures.
The 22-10 New Haven Avenue parcel has frontage of 209 feet and is 245 feet deep with a total lot size of 48,685 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $11.4 million.The most recent loan totaled $14 million and was provided by Capital One on January 27, 2020.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received one DOB violation, $1,250 in ECB penalties, two housing violations in the last year.
There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.
In Far Rockaway, the bulk, or 39 percent of the 21.1 million square feet of commercial built space are 1-4 family buildings, with residential elevator buildings next occupying 38 percent of the space. In sales, Far Rockaway has the 30th highest sale turnover among other neighborhoods in Queens with $33.3 million in sales volume in the last two years. For development, Far Rockaway is the 5th most active neighborhood among other neighborhoods. It had 5.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 28 percent of the neighborhood’s built space.
On this tax block, PincusCo has identified the owners of two of the two commercial properties representing 180,300 square feet of the 180,300 square feet. The two identified owners are Steven Beberman and City of New York. There are no active new building construction projects on this tax block.
The majority, or 75 percent of the 241,017 square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 25 percent of the space.
The PincusCo database currently indicates that Mallory Management owned at least one commercial property with 61,612 square feet and a city-determined market value of $26.1 million. (Market value is typically about 50% of actual value.) The portfolio has $39.2 million in debt, borrowed from Signature Bank. The portfolio consists of at least a single residential walkup property. It is located in Manhattan.
The PincusCo database currently indicates that Arker Companies owned at least 25 commercial properties with 602,994 square feet and a city-determined market value of $56.1 million. (Market value is typically about 50% of actual value.) The portfolio has $16.2 million in debt, borrowed from NYC Housing Development Corporation. Within the portfolio, the bulk, or 83 percent of the 602,994 square feet of built space are residential walkup properties, with residential elevator properties next occupying 16 percent of the space. They are all located in Brooklyn.
Within a 400-foot radius of 22-10 New Haven Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a new building permit application filed on September 17, 2021 for a 20,172-square-foot R-2 building with 26 residential units at 22-25 New Haven Avenue.
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