Ciampa Organization affiliate pays $5.2M for 46-unit dev site in Jamaica Estates

The entity 18303hillsideave LLC at the address of the Ciampa Organization paid $5.2 million to Michael P. Grey through the entity 183-03 Hillside Partners LLC for the 46-unit development site at 183-03 Hillside Avenue in Jamaica Estates, Queens.

On the lot, there is one active new building construction project for a 46-unit, 39,536 square-foot R-2 building. The project was developed by Michael Grey with plans filed June 4, 2020 and permitted June 3, 2022.
The deal closed on January 19, 2023 and was recorded on January 27, 2023. The property has zero square feet of built space and 39,600 square feet of additional air rights for a total buildable of 39,600 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $130 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 October 15, 2019, for $4.2 million. The signatory for Michael P. Grey was Jeffrey Novick. The signatory for Ciampa Organization was Michael D. Morici Jr..

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Ciampa Organization had purchased any other properties and sold two properties in one transaction for a total of $25.7 million over the past 24 months.
The seller Michael P. Grey had not purchased any other properties and had not sold any properties over the same time period.

The property

The 183-03 Hillside Avenue parcel has frontage of 80 feet and is 165 feet deep with a total lot size of 13,200 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 $448,000.

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 not received any significant violations in the last year.

The neighborhood

In Jamaica Estates, the majority, or 58 percent of the 2.7 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 14 percent of the space. In sales, Jamaica Estates has the 46th highest sale turnover among other neighborhoods in Queens with $12.4 million in sales volume in the last two years. For development, Jamaica Estates has had very little major development activity relative to other neighborhoods.It had 104,909 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the seven commercial properties representing 324,039 square feet of the 452,647 square feet. The two identified owners are Cammeby’s International Group and Barberry Rose Management.
On the tax block, there was one new building construction project filed totaling 39,536 square feet. It is a 46-unit, 39,536-square-foot R-2 building developed by Michael Grey with plans filed June 4, 2020 and permitted June 3, 2022.

The majority, or 72 percent of the 452,647 square feet of built space are elevator buildings, with specialty buildings next occupying 27 percent of the space.

The buyer

The PincusCo database currently indicates that Ciampa Organization owned at least 43 commercial properties in New York City with 2,098,666 square feet and a city-determined market value of $268 million. (Market value is typically about 50% of actual value.) The portfolio has $166.1 million in debt, borrowed from Capital One. Within the portfolio, the bulk, or 79 percent of the 2,098,666 square feet of built space are elevator properties, with industrial properties next occupying 10 percent of the space. They are all located in Queens.

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