Dexter Adolphus pays $2.5M for two industrial properties in Ridgewood

Dexter Adolphus paid $2.5 million to David Caccavo through the entity David Caccavo LLC for the midblock industrial building at 16-51 Cody Avenue in Ridgewood, Queens and midblock industrial building at 1651A Cody Avenue in Ridgewood, Queens.
The deal closed on November 30, 2021 and was recorded on April 1, 2022.

The two properties have 6,950 square feet of built space and 2,052 square feet of additional air rights for a total buildable of 9,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $359 and the price per buildable square foot is $277 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 David Caccavo was David Caccavo. The signatory for Dexter Adolphus was Dexter Adolphus.

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 16-51 Cody Avenue.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Dexter Adolphus had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller David Caccavo had not purchased any other properties and had not sold any properties over the same time period.

The property

The 16-51 Cody Avenue parcel has frontage of 30 feet and is 90 feet deep with a total lot size of 2,700 square feet. The zoning is M1-4D which allows for up to 2 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $385,000.

Violations and lawsuits

The properties were not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the properties have 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 Ridgewood, the bulk, or 39 percent of the 33.3 million square feet of commercial built space are 1-4 family buildings, with residential walkup buildings next occupying 23 percent of the space. In sales, Ridgewood has had very little sales volume relative to other neighborhoods with $107.5 million in sales volume in the last two years. For development, Ridgewood has had very little major development activity relative to other neighborhoods.It had 253,953 square feet of commercial and multi-family construction under development in the last two years, which represents 0.76 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 73 percent of the 131,975 square feet of built space are industrial buildings, with 1-4 family buildings next occupying 16 percent of the space.

Surrounding

Within a 400-foot radius of 16-51 Cody Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were loans above $5 million totaling $36.2 million. The most recent of the two was Moshe Glassman which borrowed $22.7 million from M&T Bank secured by the 22,950-square-foot, one-unit industrial (F9) on 1614 Summerfield Street on January 20, 2022.

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