Botsaris Morris Realty sells retail in Ridgewood for $3.5M

Karthik Gujja through the entity Myrtle Realty Group LLC paid $3.5 million to Botsaris Morris Realty Group through the entity Ridge Breeaad LLC for the retail building (K4) at 57-09 Myrtle Avenue in Ridgewood, Queens. The expected use is cash flowing.
The deal closed on September 11, 2024 and was recorded on September 23, 2024. The property has 3,000 square feet of built space and 7,728 square feet of additional air rights for a total buildable of 10,734 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,166 and the price per buildable square foot is $326 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 March 25, 2019, for $2.9 million. The signatory for Botsaris Morris Realty Group was Peter Botsaris. The signatory for Karthik Gujja was Karthik Gujja. The contract date was February 20, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Karthik Gujja had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Botsaris Morris Realty Group had not purchased any other properties and sold one properties in one transaction for a total of $1.9 million over the same time period. The 3,000-square-foot property generated revenue of $152,910 or $51 per square foot, according to the most recent income and expense figures.

The property

The retail building in Ridgewood has 3,000 square feet of built space and 7,728 square feet of additional air rights for a total buildable of 10,734 square feet according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 94 feet deep with a total lot size of 3,578 square feet. The zoning is C4-3A which allows for up to 3 times floor area ratio (FAR) for commercial and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $845,000.

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 Ridgewood, The bulk, or 38 percent of the 20 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 29 percent of the space. In sales, Ridgewood has near average sales volume among other neighborhoods with $240.2 million in sales volume in the last two years and is the 8th highest in Queens. For development, Ridgewood has had very little major development activity relative to other neighborhoods.It had 450,833 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 35 commercial properties representing 44,744 square feet of the 177,177 square feet. The largest owner is ACHS Management, followed by Botsaris Morris Realty and then Donna Shavolian Hedvat.
There are no active new building construction projects on this tax block.

The majority, or 63 percent of the 177,177 square feet of built space are mixed-use buildings, with walkup buildings next occupying 29 percent of the space.

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