Bell Realty pays $3.2M for residential walkup in South Ozone Park

Eric Belanich’s Bell Realty through the entity 101-21 Rockaway Blvd Realty LLC paid $3.2 million to Maria Falco and Michael Falco for the 20-unit residential walkup building (C7) at 101-21 Rockaway Boulevard in South Ozone Park, Queens.
The deal closed on August 23, 2023 and was recorded on September 1, 2023. The property has 19,600 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $163 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 seller bought the property on April 30, 2013, for $1.8 million. The signatory for Maria Falco and Michael Falco was Maria Falco, Michael Falco, and Michelle McDonald. The signatory for Bell Realty was Eric Belanich. The contract date was December 22, 2022. Maria Falco and Michael Falco have a life tenancy, with Michelle McDonald as remainderman for their life tenancy, as the sellers.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Bell Realty purchased four properties in three transactions for a total of $8.1 million and has no record it sold any properties over the past 24 months.
The seller Maria Falco had not purchased any other properties and sold three properties in two transactions for a total of $5.8 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Michael Falco, individual owner and Shawn Khan, site manager.

The property

The residential walkup building with 20 residential units in South Ozone Park has 19,600 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 58 feet and is 130 feet deep with a total lot size of 5,750 square feet. The lot is irregular. 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 $1.4 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 block

On this tax block, PincusCo has identified the owners of two of the 14 commercial properties representing 23,260 square feet of the 52,099 square feet. The two identified owners are Maria Falco As Joint Life Tenants and Donald Hartley Aitken.
There are no active new building construction projects on this tax block.

The majority, or 38 percent of the 52,099 square feet of built space are walkup buildings, with mixed-use buildings next occupying 28 percent of the space.

The buyer

The PincusCo database currently indicates that Bell Realty owned at least four commercial properties with 52 residential units in New York City with 41,697 square feet and a city-determined market value of $3.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 94 percent of the 41,697 square feet of built space are walkup properties, with mixed-use properties next occupying 6 percent of the space. They are all located in Queens.

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