City school pays $2M to World Wide Group in Woodside

NYC School Construction Authority paid $2 million to World Wide Group through the entity Pinetree Realty Corp. for the industrial building (G7) at 51-30A Northern Boulevard in Woodside, Queens.
The deal closed on July 13, 2022 and was recorded on July 28, 2022.The property has zero square feet of built space and 19,302 square feet of additional air rights for a total buildable of 19,302 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $103 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 World Wide Group was Jodi Gerstman. World Wide Group is also known as WorldWide Holdings or World-Wide Holdings and counted David Lowenfeld as COO and partner at one time.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer NYC School Construction Authority purchased 12 properties in eight transactions for a total of $125.3 million and has no record it sold any properties over the past 24 months.
The seller World Wide Group had not purchased any other properties and had not sold any properties over the same time period.

The property

The 51-30A Northern Boulevard parcel has frontage of 159 feet and is 187 feet deep with a total lot size of 19,302 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $537,000.

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.

Development

On these lots, there is one active new building construction project for a 4,107-square-foot M building. The project was developed by David Lowenfeld with plans filed February 26, 2016 and it has not been permitted yet.

The neighborhood

In Woodside, the bulk, or 27 percent of the 12.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 23 percent of the space. In sales, Woodside has had very little sales volume relative to other neighborhoods with $171.1 million in sales volume in the last two years. For development, Woodside has had very little major development activity relative to other neighborhoods.It had 336,865 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the nine commercial properties representing 126,165 square feet of the 138,145 square feet. The largest owner is Ciampa Organization, followed by NYC School Construction Authority and then Ryan Mehra. There are two active new building construction projects totaling 312,011 square feet. The largest is a zero-unit, 307,904-square-foot E building developed by NYC School Construction Authority with plans filed April 29, 2020 and permitted February 8, 2022.

the majority, or 61 percent of the 138,145 square feet of built space are industrial buildings, with retail buildings next occupying 39 percent of the space.

The seller

The PincusCo database currently indicates that World Wide Group owned at least three commercial properties in New York City with 679,219 square feet and a city-determined market value of $134.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are elevator properties. The bulk, or 74 percent of the built space, is in Queens, with Brooklyn next at 26 percent of the space.

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