Cord Meyer records five internal transfers totaling $62.5M

Forest Hills-based Cord Meyer Development recorded five internal transfers totaling $62.5 million for seven commercial tax lots with no residential units in Woodside, Elmhurst and Jackson Heights. No tax was recorded, indicating there was no change in ownership. All the properties changed from a generic entity, MCO, to a specific property LLC, such as 5131 Northern LLC.

In the first, the entity 5131 Northern LLC with a transfer value of $21 million acquired from MCO the retail shopping center building (K6) at 51-31 Northern Boulevard in Woodside, Queens.
The deal closed on November 9, 2023 and was recorded on January 4, 2024. The property has 47,067 square feet of built space and 59,040 square feet of additional air rights for a total buildable of 90,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $446 and the price per buildable square foot is $233 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.)

In the second, the entity 9032 Queens LLC with a transfer value of $15.5 million acquired from MCO the development building (V1) at 90-32 Queens Boulevard in Elmhurst, Queens. The deal closed on November 9, 2023 and was recorded on January 4, 2024. The property has zero square feet of built space and 63,423 square feet of additional air rights for a total buildable of 63,423 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $N/A and the price per buildable square foot is $244 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.)

In the third, the entity 9108 Roosevelt LLC with a transfer value of $13.2 million acquired from MCO the retail building (K1) at 91-08 Roosevelt Avenue in Elmhurst, Queens and retail building (K1) at 91-08 Roosevelt Avenue in Elmhurst, Queens. The deal closed on November 9, 2023 and was recorded on January 4, 2024. The two properties have 16,180 square feet of built space and 23,134 square feet of additional air rights for a total buildable of 39,312 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $815 and the price per buildable square foot is $335 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.)

In the fourth, the entity 9210 Roosevelt LLC with a transfer value of $6.6 million acquired from MCO the retail building (K1) at 92-10 Roosevelt Avenue in Elmhurst, Queens. The deal closed on November 9, 2023 and was recorded on January 4, 2024. The property has 11,018 square feet of built space and 27,883 square feet of additional air rights for a total buildable of 38,940 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $599 and the price per buildable square foot is $169 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.)

In the fifth, the entity 7510 Northern LLC with a transfer value of $6.2 million acquired from MCO the industrial building (GU) at 75-20 Northern Boulevard in Jackson Heights, Queens and industrial building (GU) at 75-10 Northern Boulevard in Jackson Heights, Queens. The deal closed on November 9, 2023 and was recorded on January 4, 2024. The two properties have 1,010 square feet of built space and 18,998 square feet of additional air rights for a total buildable of 19,998 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $6,138 and the price per buildable square foot is $310 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.)

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