Bell Realty pays $1.8M for two properties in Richmond Hill

Bell Realty through the entity Matthews Richmond Hill Corner LLC paid $1.8 million to Michael Falco and Maria Falco for the 18-unit residential walkup building (C1) at 101-16 86th Avenue in Richmond Hill, Queens and development building (V0) at N/A 101st Street in Richmond Hill, Queens.
The deal closed on May 9, 2023 and was recorded on May 10, 2023. The two properties have 15,231 square feet of built space and 469 square feet of additional air rights according to a PincusCo analysis of city data. The sale price per built square foot is $118 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 Michael Falco and Maria Falco was Michael Falco and Maria Falco. The signatory for Bell Realty was Eric Belanich.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 101-16 86th Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Bell Realty purchased one property in one transaction for a total of $2.3 million and has no record it sold any properties over the past 24 months.
The seller Michael Falco 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 Michael Falco, individual owner and Rabindranath Samaroo, site manager. Out of the two properties, one with a total of 15,231 square feet of built space generated revenue of $232,734 per year.

The property

The residential walkup building with 18 residential units in Richmond Hill has 15,231 square feet of built space and 469 square feet of additional air rights according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 125 feet deep with a total lot size of 6,249 square feet. The zoning is R4 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $972,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have 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 block

On the tax block of 101-16 86th Avenue, PincusCo has identified the owners of one of the 14 commercial properties representing 2,840 square feet of the 71,959 square feet. The identified owner is Oscar P. Navarro.
On the tax block, there was one new building construction project filed totaling 16,187 square feet. It is a 20-unit, 16,187 square-foot residential (R-2) building submitted by Ansar Mussaleen and filed by Ansar Mussaleen with plans filed February 1, 2023 and it has not been permitted yet.

The majority, or 53 percent of the 71,959 square feet of built space are walkup buildings, with mixed-use buildings next occupying 46 percent of the space.

The buyer

The PincusCo database currently indicates that Bell Realty owned at least one commercial property with one residential unit in New York City with 2,466 square feet and a city-determined market value of $1.2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Queens.

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