Autism nonprofit pays $6.5M to Congregation Etz Hayim for specialty in Little Neck
The nonprofit Quality Services for the Autism Community through the entity Qsac, Inc paid $6.5 million to Congregation Etz Hayim at Hollis Hills Bayside for the specialty building (M1) at 245-37 60th Avenue in Little Neck, Queens. Quality Services for the Autism Community has already been occupying the building with a school.
The deal closed on November 30, 2023 and was recorded on December 7, 2023. The property has 12,300 square feet of built space and 17,344 square feet of additional air rights for a total buildable of 29,905 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $528 and the price per buildable square foot is $217 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 Congregation Etz Hayim at Hollis Hills Bayside was Steven Stieglitz. The signatory for Quality Services for the Autism Community was Lisa Veglia. The contract date was September 16, 2022.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Quality Services for the Autism Community had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Congregation Etz Hayim at Hollis Hills Bayside had not purchased any other properties and had not sold any properties over the same time period.
The property
The specialty building in Little Neck has 12,300 square feet of built space and 17,344 square feet of additional air rights for a total buildable of 29,905 square feet according to a PincusCo analysis of city data. The parcel has frontage of 130 feet and is 360 feet deep with a total lot size of 59,810 square feet. The lot is irregular. The zoning is R3-2 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $6 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.
Development
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 Little Neck, The bulk, or 30 percent of the 2.2 million square feet of commercial built space are retail buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Little Neck has the 27th highest sale turnover among other neighborhoods in Queens with $67.7 million in sales volume in the last two years. For development, Little Neck has had very little major development activity relative to other neighborhoods.It had 57,360 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.
The block
On this tax block, PincusCo has identified the owners of two of the eight commercial properties representing 97,756 square feet of the 131,746 square feet. The two identified owners are NYC Department Of Education and Manoucher ‘Manny’ Malekan.
On the tax block, there were five new building construction projects totaling 4,274 square feet. The largest is a two-unit, 3,070 square-foot residential (R-3) building submitted by Xiandong Shi with plans filed March 10, 2020 and permitted October 14, 2021.
The majority, or 57 percent of the 131,746 square feet of built space are specialty buildings, with walkup buildings next occupying 21 percent of the space.
The buyer
The PincusCo database currently indicates that Quality Services For The Autism Community owned at least two commercial properties with four residential units in New York City with 4,228 square feet and a city-determined market value of $1.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 55 percent of the 4,228 square feet of built space are B1 properties, with B3 properties next occupying 45 percent of the space. They are all located in Queens.
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