Catholic Charities sells senior center location for $4.8M to anonymous buyer

The anonymous entity 2356 Broadway Associates LLC paid $4.8 million to Catholic Charities Brooklyn & Queens through the entity The J. Jerome Reddy Foundation, Inc for the specialty building (P5) at 23-56 Broadway in Astoria, Queens which is home to the Dellamonica- Steinway Senior Center.
The deal closed on August 4, 2022 and was recorded on September 2, 2022. The property has 8,670 square feet of built space and 10,471 square feet of additional air rights for a total buildable of 19,155 square feet according to PincusCo analysis of city data. The sale price per built square foot is $547 and the price per buildable square foot is $247 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 Catholic Charities Brooklyn & Queens was Emmie Glynn Ryan. The buyer signature was not legible.

Prior sales and revenue

Prior to this transaction, the seller Catholic Charities Brooklyn & Queens purchased two properties in two transactions for a total of $8.8 million and sold one property in one transaction for a total of $3.6 million over the past 24 months.

The property

The 23-56 Broadway parcel has frontage of 63 feet and is 100 feet deep with a total lot size of 6,385 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $918,000.

Violations and court filings

The property was involved in one court filing and zero bankruptcies over the past two years. The court filing was a $4.8 million judgment concerning a leave to sell filed on May 5, 2022, by Catholic Charities Brooklyn & Queens with the buyer 2356 Broadway Associates LLC.

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 Astoria, the bulk, or 37 percent of the 39.2 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 29 percent of the space. In sales, Astoria has 3.1 times the average sales volume among other neighborhoods with $1 billion in sales volume in the last two years and is the 2nd highest in Queens. For development, Astoria has 3.4 times the average amount of major developments relative to other neighborhoods and is the 4th 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 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 17 commercial properties representing 6,580 square feet of the 140,394 square feet. The two identified owners are George Manolangas and Joseph M. Joseph.
There are no active new building construction projects on this tax block.

The majority, or 39 percent of the 140,394 square feet of built space are elevator buildings, with walkup buildings next occupying 33 percent of the space.

The seller

The PincusCo database currently indicates that Catholic Charities Brooklyn & Queens owned at least four commercial properties in New York City with 413,043 square feet and a city-determined market value of $34 million. (Market value is typically about 50% of actual value.) The portfolio has $55 million in debt, borrowed from Greystone & Co. Within the portfolio, the bulk, or 99 percent of the 413,043 square feet of built space are elevator properties, with mixed-use properties next occupying 1 percent of the space. The bulk, or 51 percent of the built space, is in Queens, with Brooklyn next at 49 percent of the space.

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