Citizens Bank sells former branch location in Bayside for $3.1M

The entity 3415 FLB LLC with unknown ownershp registered with the law firm Christodoulou & Lau, paid $3.1 million to Citizens Bank for the retail building (K7) at 34-15 Francis Lewis Boulevard in Bayside, Queens.
The deal closed on November 20, 2024 and was recorded on November 26, 2024. The property has 5,522 square feet of built space and 6,877 square feet of additional air rights for a total buildable of 12,379 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $561 and the price per buildable square foot is $250 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 Citizens Bank was Michael Knipper. The contract date was October 10, 2024.

The property

The retail building in Bayside has 5,522 square feet of built space and 6,877 square feet of additional air rights for a total buildable of 12,379 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 91 feet deep with a total lot size of 9,170 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 $947,000.

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 received $600 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 $1 million on this tax lot.

The neighborhood

In Bayside, The bulk, or 42 percent of the 6.9 million square feet of commercial built space are specialty buildings, with walkup buildings next occupying 18 percent of the space. In sales, Bayside has the 25th highest sale turnover among other neighborhoods in Queens with $58.7 million in sales volume in the last two years. For development, Bayside has had very little major development activity relative to other neighborhoods.It had -756,932 square feet of commercial and multi-family construction under development in the last two years, which represents -11.04 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the seven commercial properties representing 12,338 square feet of the 105,637 square feet. The two identified owners are Dominick Bullaro and Citizens Bank.
There are no active new building construction projects on this tax block.

The majority, or 39 percent of the 105,637 square feet of built space are walkup buildings, with elevator buildings next occupying 30 percent of the space.

The seller

The PincusCo database currently indicates that Citizens Bank owned at least nine commercial properties in New York City with 59,504 square feet and a city-determined market value of $10.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 38 percent of the 59,504 square feet of built space are mixed-use properties, with retail properties next occupying 34 percent of the space. The bulk, or 52 percent of the built space, is in Brooklyn, with Queens next at 28 percent of the space.

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