Moshe Braver pays $3.1M to John Polsinelli for dev site in Jamaica with 118-unit plans

Moshe Braver of Bushwick Realty Holdings through the entity 147 St Holdings LLC paid $3.1 million to John Polsinelli through the entity Polsinelli Management Corp. for the midblock industrial building at 95-08 147th Place and 95-10 147th Place in Jamaica, Queens.

On August 13, 2020, Joel Jacob through the company 9522 147th Place LLC, filed a permit application for construction of a 118-unit, 81,577-square-foot residential building at 95-08 147th Place in Jamaica.

The sale closed on April 6, 2022 and was recorded on June 2, 2022. The two properties have 2,800 square feet of built space and 22,200 square feet of additional air rights for a total buildable of 25,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,107 and the price per buildable square foot is $124 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 John Polsinelli was John Polsinelli . The signatory for Bushwick Realty Holdings was Moshe Braver. Moshe Braver is a principal of Bushwick Realty Holdings.

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 95-08 147th Place.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Bushwick Realty Holdings had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller John Polsinelli had not purchased any other properties and sold one property in one transaction for a total of $5.6 million over the same time period. Out of the two properties, one with a total of 2,800 square feet of built space generated revenue of $59,163 per year.

The property

The 95-08 147th Place parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is C4-5X which allows for up to 4 times floor area ratio (FAR) for commercial and up to 5 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $254,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

On these lots, there is one active new building construction project for a 118-unit, 81,577-square-foot R-2 building. The project was developed by Joe Jac with plans filed August 13, 2020 and it has not been permitted yet.

The neighborhood

In Jamaica, the bulk, or 33 percent of the 46.7 million square feet of commercial built space are 1-4 family buildings, with residential elevator buildings next occupying 20 percent of the space. In sales, Jamaica has had very little sales volume relative to other neighborhoods with $164 million in sales volume in the last two years. For development, Jamaica has 3.7 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Queens. It had 3.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On the tax block of 95-08 147th Place, PincusCo has identified the owners of three of the 22 commercial properties representing 6,904 square feet of the 49,843 square feet. The largest owner is Coelho Jose, followed by Maria H. Cardoso and then Gladys Bustamante. There is one active new building construction project totaling 81,577 square feet. It is a 118-unit, 81,577-square-foot R-2 building developed by Joe Jacob with plans filed August 13, 2020 and it has not been permitted yet.

the majority, or 57 percent of the 66,097 square feet of built space are mixed-use buildings, with 1-4 family buildings next occupying 25 percent of the space.

Surrounding

Within a 400-foot radius of 95-08 147th Place, Pincusco identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, three were in new building development. There were three new building permit applications. The most recent of these three items was a filing on May 27, 2022 for a 119,779-square-foot R-2 building with 173 residential units at 97-04 Sutphin Boulevard.
One of those six items was a sale which Remsen Capital Management bought the 0-square-foot development site (V1) on 94-01 Sutphin Boulevard for $59.7 million from Estate of Rita Stark on January 13, 2022.
Of those six items, two were loans above $5 million totaling $41.2 million. The most recent of the two was Solomon Feder which borrowed $32 million from Madison Realty Capital secured by the 0-square-foot development site (V1) on 94-01 Sutphin Boulevard on January 31, 2022.

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