A Centers Health Care affiliate and Daryl Hagler through the entity 35-11 9th LLC paid $26.4 million to Brickman through the entity Brickman Cigar Factory LLC for the industrial building at 35-11 9th Street in Astoria, Queens and midblock industrial building at 3531 9th Street in Astoria, Queens.
The deal closed on May 5, 2022 and was recorded on May 20, 2022. The two properties have 102,670 square feet of built space and 6,262 square feet of additional air rights according to PincusCo analysis of city data. The sale price per built square foot is $256 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 Brickman was Bruce S. Brickman. The signatory for the buyer was Daryl Hagler. Centers Health Care is an affiliate of nursing homes and other heath systems.
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 35-11 9th Street.
Prior sales and revenue
Prior to this transaction, Pincusco has no record that the buyer Centers Health Care had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Brickman had not purchased any other properties and sold one properties in one transactions for a total of $12 million over the same time period. Out of the two properties, one with a total of 102,670 square feet of built space generated revenue of $1.7 million per year.
The 35-11 9th Street parcel has frontage of 210 feet and is 200 feet deep with a total lot size of 42,000 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $9 million.
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 received $2,500 in ECB penalties and $2,500 in OATH penalties in the last year.
There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.
In Astoria, the bulk, or 27 percent of the 54.6 million square feet of commercial built space are residential walkup buildings, with residential elevator buildings next occupying 23 percent of the space. In sales, Astoria has 2.8 times the average sales volume among other neighborhoods with $761.9 million in sales volume in the last two years and is the 2nd highest in Queens. For development, Astoria has 3.5 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 3.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.
On the tax block of 35-11 9th Street, PincusCo has identified the owners of one of the 14 commercial properties representing 6,000 square feet of the 142,046 square feet. The identified owner is Mike Psoras. There are no active new building construction projects on this tax block.
The majority, or 69 percent of the 175,800 square feet of built space are industrial buildings, with 1-4 family buildings next occupying 19 percent of the space.
The PincusCo database currently indicates that Brickman owned at least one commercial property with 130,000 square feet and a city-determined market value of $40.5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Manhattan.
The PincusCo database currently indicates that Daryl Hagler owned at least two commercial properties with 167,425 square feet and a city-determined market value of $13.1 million. (Market value is typically about 50% of actual value.) The portfolio has $15.1 million in debt, borrowed from M&T Bank. Within the portfolio, the bulk, or 71 percent of the 167,425 square feet of built space are industrial properties, with office properties next occupying 29 percent of the space. The bulk, or 71 percent of the built space, is in Brooklyn, with Bronx next at 29 percent of the space.
PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 35-11 9th Street that occurred over the past 24 months.
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