Donald Hearn pays $11.8M for industrial in Ridgewood

Donald Hearn through the entity 1124 Wyckoff LLC paid $11.8 million to Lawrence Ben Pomeroy through the entity Whitlock Group LLC for the industrial building (F5) at 11-24 Wyckoff Avenue in Ridgewood, Queens. This is the buyer’s second purchase in Ridgewood.
The deal closed on September 12, 2023 and was recorded on September 20, 2023. The property has 13,300 square feet of built space and 16,539 square feet of additional air rights for a total buildable of 29,800 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $889 and the price per buildable square foot is $396 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 seller bought the property on September 28, 2018, for $5.7 million. The signatory for Lawrence Ben Pomeroy was Lawrence Ben Pomeroy. The signatory for Donald Hearn was Donald Hearn. The contract date was July 26, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Donald Hearn purchased one property in one transactions for a total of $11.6 million and has no record it sold any properties over the past 24 months.
The seller Lawrence Ben Pomeroy had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Ridgewood has 13,300 square feet of built space and 16,539 square feet of additional air rights for a total buildable of 29,800 square feet according to a PincusCo analysis of city data. The parcel has frontage of 74 feet and is 149 feet deep with a total lot size of 14,900 square feet. The lot is irregular. The zoning is M1-4 which allows for up to 2 times floor area ratio (FAR) for manufacturing

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received 12 DOB violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Ridgewood, The bulk, or 38 percent of the 20 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 29 percent of the space. In sales, Ridgewood has had very little sales volume relative to other neighborhoods with $301.9 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 270,419 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 14 commercial properties representing zero square feet of the 77,267 square feet. The two identified owners are Lilly Vertuccio and City Of New York.
On the tax block, there were two new building construction projects totaling 26,709 square feet. The largest is a 21,742 square-foot mercantile (M) building submitted by Ioan Sita with plans filed May 14, 2018 and it has not been permitted yet. The second largest is a six-unit, 4,967 square-foot residential (R-2) building submitted by Nir Sapir with plans filed January 22, 2014 and it has not been permitted yet.

The majority, or 100 percent of the 77,267 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.

The buyer

The PincusCo database currently indicates that Donald Hearn owned at least one commercial property in New York City with 17,000 square feet and a city-determined market value of $2.2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property. It is located in Queens.

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