Bayrock Capital pays $5.5M for medical office in Astoria

Bayrock Capital through the entity Br Astoria Partners LLC paid $5.5 million to Daniel Weiss and Ahron Weissman through the entity 30 Ave Holdings LLC for the medical use building (I9) at 23-34 30th Avenue in Astoria, Queens.
The deal closed on August 4, 2023 and was recorded on August 18, 2023. The property has 14,088 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $393 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 Daniel Weiss and Ahron Weissman was Daniel Weiss and Ahron Weissman. The signatory for Bayrock Capital was Moshe Glassman. The contract date was February 6, 2023. Daniel Weiss and Abraham Weiss are affiliated with D.R.G. Real Estate Group which bought the property in 1999.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Bayrock Capital purchased eight properties in seven transactions for a total of $157.4 million and has no record it sold any properties over the past 24 months.
The seller Daniel Weiss had not purchased any other properties and had not sold any properties over the same time period.

The property

The specialty building in Astoria has 14,088 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 94 feet deep with a total lot size of 2,350 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.9 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 received eight DOB 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 Astoria, The bulk, or 36 percent of the 40.2 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 31 percent of the space. In sales, Astoria has 3.1 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 2nd highest in Queens. For development, Astoria has 3.1 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 3.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 10 commercial properties representing 96,829 square feet of the 165,544 square feet. The identified owner is Astoria Crescent Owner LLC.
On the tax block, there were four new building construction projects totaling 113,836 square feet. The largest is a 91,400 square-foot business (B) building submitted by Church of The Redeemer and filed by Juan Quevedo-Bosch with plans filed January 5, 2018 and permitted April 2, 2021. The second largest is a 16-unit, 12,495 square-foot residential (R-2) building submitted by Eric Belanich with plans filed February 1, 2018 and permitted December 26, 2018.

The majority, or 70 percent of the 165,544 square feet of built space are office buildings, with walkup buildings next occupying 10 percent of the space.

The buyer

The PincusCo database currently indicates that Bayrock Capital owned at least 14 commercial properties with 135 residential units in New York City with 411,311 square feet and a city-determined market value of $101.7 million. (Market value is typically about 50% of actual value.) The portfolio has $204.4 million in debt, with top three lenders as Broadview Capital, M&T Bank, and Dime Community Bank respectively. Within the portfolio, the bulk, or 81 percent of the 411,311 square feet of built space are hotel properties, with walkup properties next occupying 15 percent of the space. The bulk, or 88 percent of the built space, is in Queens, with Bronx next at 6 percent of the space.

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