Capital One bank sells Ridgewood retail location for $4.7M

A company at the address of Platinum Realty Associates through the entity 71 Yellowstone LLC paid $4.7 million to the bank Capital One for the mixed-use building (K4) at 67-09 Fresh Pond in Ridgewood, Queens.
The deal closed on March 11, 2022 and was recorded on August 11, 2022. The property has 11,780 square feet of built space and 10,339 square feet of additional air rights for a total buildable of 22,156 square feet according to PincusCo analysis of city data. The sale price per built square foot is $394 and the price per buildable square foot is $209 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 Capital One was Jennifer Golek. The contract date was November 18, 2021. Traded NY reported the deal at $5.73 million and described it as a development site sale. The signature for the buyer appears to be that of an executive of Platinum Realty Associates, David Koptiev.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Platinum Realty Associates purchased six properties in five transactions for a total of $21.4 million and sold two properties in two transactions for a total of $6.1 million over the past 24 months.
The seller Capital One had not purchased any other properties and sold four properties in four transactions for a total of $12.3 million over the same time period. The 11,780-square-foot property generated revenue of $505,078 or $43 per square foot, according to the most recent income and expense figures.

The property

The 67-09 Fresh Pond Road parcel has frontage of 75 feet and is 214 feet deep with a total lot size of 16,412 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 $2.3 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 received $350 in OATH penalties 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 $196.5 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. There were four pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of two of the seven commercial properties representing 35,125 square feet of the 69,205 square feet. The two identified owners are Victor Celli and Patel Chandresh M..
There are no active new building construction projects on this tax block.

The majority, or 49 percent of the 69,205 square feet of built space are mixed-use buildings, with walkup buildings next occupying 46 percent of the space.

The buyer

The PincusCo database currently indicates that Platinum Realty Associates owned at least 83 commercial properties in New York City with 589,951 square feet and a city-determined market value of $89.9 million. (Market value is typically about 50% of actual value.) The portfolio has $35.8 million in debt, borrowed from Signature Bank and First National Bank of Long Island. Within the portfolio, the bulk, or 41 percent of the 589,951 square feet of built space are retail properties, with office properties next occupying 33 percent of the space. The bulk, or 71 percent of the built space, is in Queens, with Brooklyn next at 25 percent of the space.

Direct link to Acris document. link