Catholic Charities pays $6M to Platinum Realty for mixed-use in Jamaica

Catholic Charities Brooklyn & Queens through the entity Mary’s Hall, Inc. paid $6 million to Platinum Realty Associates through the entity 107-65 LLC for the mixed-use building (K9) at 107-67 Merrick Boulevard in Jamaica, Queens.
The deal closed on April 25, 2023 and was recorded on April 26, 2023. The property has 11,308 square feet of built space and 5,549 square feet of additional air rights for a total buildable of 16,818 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $535 and the price per buildable square foot is $359 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 August 4, 2016, for $1.1 million. The signatory for Platinum Realty Associates was Peter Young. The signatory for Catholic Charities Brooklyn & Queens was Emmie Glynn Ryan.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Catholic Charities Brooklyn & Queens purchased two properties in two transactions for a total of $8.8 million and sold two properties in two transactions for a total of $8.4 million over the past 24 months.
The seller Platinum Realty Associates purchased seven properties in six transactions for a total of $26.1 million and sold three properties in three transactions for a total of $13.3 million over the same time period. The 11,308-square-foot property generated revenue of $461,819 or $41 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building in Jamaica has 11,308 square feet of built space and 5,549 square feet of additional air rights for a total buildable of 16,818 square feet according to a PincusCo analysis of city data. The parcel has frontage of 114 feet and is 94 feet deep with a total lot size of 8,409 square feet. The lot is irregular. The zoning is R5D which allows for up to 2 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 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

For the tax lot building, it received its initial certificate of occupancy on April 10, 2023. 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 Jamaica, The bulk, or 34 percent of the 29.2 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 14 percent of the space. In sales, Jamaica has near average sales volume among other neighborhoods with $383.8 million in sales volume in the last two years and is the 5th highest in Queens. For development, Jamaica has 3.6 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Queens. It had 3.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 12 commercial properties representing 21,144 square feet of the 38,844 square feet. The largest owner is Platinum Realty Associates, followed by Merrick Homes Plaza Llc and then Jamie A. Gilliard.
On the tax block, there was one new building construction project filed totaling 4,726 square feet. It is a 4,726 square-foot storage (S-2) building submitted by Yossi Assayag with plans filed December 4, 2020 and permitted August 29, 2022.

The majority, or 57 percent of the 38,844 square feet of built space are industrial buildings, with mixed-use buildings next occupying 43 percent of the space.

The seller

The PincusCo database currently indicates that Platinum Realty Associates owned at least 80 commercial properties with 38 residential units in New York City with 595,975 square feet. The portfolio has $43.8 million in debt, borrowed from Signature Bank and First National Bank of Long Island. Within the portfolio, the bulk, or 56 percent of the 595,975 square feet of built space are retail properties, with office properties next occupying 29 percent of the space. The bulk, or 74 percent of the built space, is in Queens, with Brooklyn next at 24 percent of the space.

The buyer

The PincusCo database currently indicates that Catholic Charities Brooklyn & Queens owned at least five commercial properties with 453 residential units in New York City with 381,248 square feet. The portfolio has $64 million in debt, borrowed from Greystone & Co. and Enterprise Community Partners. Within the portfolio, the bulk, or 94 percent of the 381,248 square feet of built space are elevator properties, with walkup properties next occupying 4 percent of the space. The bulk, or 55 percent of the built space, is in Queens, with Brooklyn next at 45 percent of the space.

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