Cord Meyer Development files plans for 92-unit project in Elmhurst
Cord Meyer Development submitted a new building construction project for a 92-unit, 104,828 square-foot residential (R-2) building at 58-25 Hoffman Drive in Elmhurst, Queens. Kathleen Marchiella of Cord Meyer filed the plan with the New York City Department of Buildings on July 17, 2024 under job number Q01047345. It calls for the construction of a seven-story building. The project is described in the filing as: construct new seven (7) story mixed-use building with residential, community facility and retail use as per plans filed herewith. The architect is Gerner Kronick + Valcarcel Architects
The property
The parcel has frontage of 360 feet and is 122 feet deep with a total lot size of 26,100 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.8 million.
Prior sales and revenue
This property was internally transferred at a valuation of $15.5 million on November 9, 2023.
Violations and lawsuits
According to city public data, the property has not received any significant violations in the last year.
There were no lawsuits or bankruptcies filed against the property for the past 24 months.
The neighborhood
In Elmhurst, The bulk, or 40 percent of the 19.8 million square feet of commercial built space are elevator buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Elmhurst has near average sales volume among other neighborhoods with $198.3 million in sales volume in the last two years and is the 12th highest in Queens. For development, Elmhurst has near average amount of major developments among other neighborhoods and is the 11th highest in Queens. It had 633,781 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 two of the three commercial properties representing zero square feet of the 2,874 square feet. The two identified owners are Cord Meyer Development and Menachem Augenstein. On the tax block, there were two new building construction projects totaling 110,813 square feet. The largest is a 92-unit, 104,828 square-foot residential (R-2) building submitted by Cord Meyer Development and filed by Kathleen Marchiella with plans filed July 17, 2024 and it has not been permitted yet. The second largest is a 5,985 square-foot mercantile (M) building submitted by John Garcia with plans filed April 15, 2016 and it has not been permitted yet.
The owner
The PincusCo database currently indicates that Cord Meyer Development owned at least 11 commercial properties in New York City with 101,461 square feet and a city-determined market value of $47.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 46 percent of the 101,461 square feet of built space are mixed-use properties, with retail properties next occupying 45 percent of the space. They are all located in Queens.
The surrounding
Within a 400-foot radius of 90-20 Queens Boulevard, PincusCo identified three commercial real estate items of interests occurred over the past 24 months. Of those three items, two were sales above $5 million totaling $18.4 million. The most recent of the two was Kassin Sabbagh Realty which bought one condo unit in the 29,710-square-foot, 147-unit mixed-use building (RM) on 90-02 Queens Boulevard for $10.4 million from Bluestone Group on April 21, 2023. One of those three items was a loan which Madison Realty Capital borrowed $20.5 million from ConnectOne Bank secured by two condo units in the 29,710-square-foot, 147-unit mixed-use building (RM) on 90-02 Queens Boulevard and one other property on October 18, 2023.
Direct link to the property’s ACRIS page and link to DOB NOW portal.