David Koptiev of Platinum Realty through the entity 115-20 Jam, LLC paid $2.4 million to Capital One for the retail bank building (K7) at 115-20 Jamaica Avenue in Richmond Hill, Queens. This is at least the third Queens retail bank branch Koptiev has purchased from Capital One in the past three years.
The deal closed on October 13, 2022 and was recorded on October 27, 2022. The property has 10,315 square feet of built space and 6,226 square feet of additional air rights for a total buildable of 16,530 square feet according to PincusCo analysis of city data. The sale price per built square foot is $232 and the price per buildable square foot is $145 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 Capital One was Jennifer Golek. The signatory for David Koptiev was David Koptiev. Koptiev bought a Capital One locations in Ridgewood and in Kew Gardens.
Prior sales and revenue
The seller Capital One had not purchased any other properties and sold six properties in six transactions for a total of $19.8 million over the same time period. The 10,315-square-foot property generated revenue of $408,502 or $40 per square foot, according to the most recent income and expense figures.
The 115-20 Jamaica Avenue parcel has frontage of 52 feet and is 201 feet deep with a total lot size of 5,510 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 $1.9 million.
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.
There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.
In Richmond Hill, the bulk, or 26 percent of the 6.4 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 20 percent of the space. In sales, Richmond Hill has the 24th highest sale turnover among other neighborhoods in Queens with $79.6 million in sales volume in the last two years. For development, Richmond Hill has had very little major development activity relative to other neighborhoods.It had 101,160 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.
On this tax block, PincusCo has identified the owners of one of the seven commercial properties representing 39,780 square feet of the 112,641 square feet. The identified owner is Radoje Lazic.
On the tax block, there was one new building construction project filed totaling 29,135 square feet. It is a 29,135-square-foot M building developed by Alden Madruga with plans filed September 12, 2013 and permitted April 25, 2014.
The majority, or 43 percent of the 112,641 square feet of built space are retail buildings, with walkup buildings next occupying 35 percent of the space.
Direct link to Acris document. link