Bow Tie Partners pays $13.2M for industrial in Ridgewood

Bow Tie Partners through the entity BTP 1630 Cody Ave LLC paid $13.2 million to Anthony James Leventhal through the entity 1630 Cody Avenue LLC for the industrial building (F1) at 16-30 Cody Avenue in Ridgewood, Queens.
The deal closed on July 25, 2022 and was recorded on August 9, 2022. The property has 39,550 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $334 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 February 17, 2005, for $2 million. The signatory for Anthony James Leventhal was Anthony James Leventhal. The signatory for Bow Tie Partners was Charles B. Moss III.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Bow Tie Partners had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Anthony James Leventhal had not purchased any other properties and had not sold any properties over the same time period. The 39,550-square-foot property generated revenue of $679,865 or $17 per square foot, according to the most recent income and expense figures.

The property

The 16-30 Cody Avenue parcel has frontage of 269 feet and is 126 feet deep with a total lot size of 19,150 square feet. The lot is irregular. The zoning is R5B which allows for up to 1.35 times floor area ratio (FAR) for residential. 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 since September of 2020. 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 $5 million on this tax lot.

The neighborhood

In Ridgewood, the bulk, or 38 percent of the 19.9 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 28 percent of the space. In sales, Ridgewood has had very little sales volume relative to other neighborhoods with $192.1 million in sales volume in the last two years. For development, Ridgewood has had very little major development activity relative to other neighborhoods.It had 246,691 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the five commercial properties representing 92,170 square feet of the 131,720 square feet. The largest owner is CubeSmart, followed by City of New York and then LIRR.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 131,720 square feet of built space are industrial buildings.

The buyer

The PincusCo database currently indicates that Bow Tie Partners owned at least one commercial property in New York City with 39,550 square feet and a city-determined market value of $2.9 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property. It is located in Queens.

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