Daniel Group pays $4.5M to Vincent Dejana for big box retail in Jamaica

The Cohen family’s Daniel Group through the entity Fulton Dev LLC paid $4.5 million to Vincent Dejana through the entity 94-47 Merrick Blvd, LLC for a group of retail buildings including 94-35 Merrick Boulevard, 94-45 Merrick Boulevard and 94-43 Merrick Boulevard that make up most of a tax block in Jamaica, Queens. The parcel is occupied by a Pep Boys and related parking lot.
The deal closed on February 1, 2023 and was recorded on February 17, 2023.
The signatory for Vincent Dejana was Vincent Dejana. The signatory for Daniel Group was Daniel Cohen.
The acquisition does not include the tax lot 93 and it’s unclear who owns that parcel.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 94-35 Merrick Boulevard.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Daniel Group purchased one properties in one transactions for a total of $6.7 million and sold two properties in two transactions for a total of $11.1 million over the past 24 months.
The seller Vincent Dejana had not purchased any other properties and had not sold any properties over the same time period. Out of the 11 properties, five with a total of 18,595 square feet of built space generated revenue of $836,607 per year.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received $980 in OATH penalties in the last year.

The neighborhood

In Jamaica, the bulk, or 30 percent of the 28 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 15 percent of the space. In sales, Jamaica has near average sales volume among other neighborhoods with $344.3 million in sales volume in the last two years and is the 5th highest in Queens. For development, Jamaica has 3.7 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Queens. It had 3.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.

The buyer

The PincusCo database currently indicates that Daniel Group owned at least 22 commercial properties in New York City with 279,918 square feet and a city-determined market value of $50.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 51 percent of the 279,918 square feet of built space are elevator properties, with walkup properties next occupying 36 percent of the space. The bulk, or 35 percent of the built space, is in Queens, with Brooklyn next at 25 percent of the space.

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