David Graber pays $7.7M to Gershon Lehrman for retail in Woodhaven
David Graber through the entity Woodhaven 1031 Holdings LLC paid $7.7 million to Gershon Lehrman through the entity Woodhaven Associates, LLC for retail building (O5) at 93-22 Jamaica Avenue in Woodhaven, Queens.
The deal closed on June 10, 2022 and was recorded on July 18, 2022. The property has 20,808 square feet of built space and 24,034 square feet of additional air rights for a total buildable of 44,784 square feet according to PincusCo analysis of city data. The sale price per built square foot is $372 and the price per buildable square foot is $172 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 Gershon Lehrman was Gershon Lehrman. The signatory for David Graber was David Graber.
Prior sales and revenue
Prior to this transaction, Pincusco has no record that the buyer David Graber had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Gershon Lehrman had not purchased any other properties and had not sold any properties over the same time period. The 20,808-square-foot property generated revenue of $424,899 or $20 per square foot, according to the most recent income and expense figures.
The property
The 93-22 Jamaica Avenue parcel has frontage of 120 feet and is 130 feet deep with a total lot size of 14,928 square feet. The lot is irregular. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2 million.
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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
There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.
The neighborhood
In Woodhaven, the bulk, or 38 percent of the 3.3 million square feet of commercial built space are mixed-use buildings, with walkup buildings next occupying 22 percent of the space. In sales, Woodhaven has the 39th highest sale turnover among other neighborhoods in Queens with $12 million in sales volume in the last two years. For development, Woodhaven has had very little major development activity relative to other neighborhoods.It had 85,531 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
There are no active new building construction projects on this tax block.
All properties are retail.
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