Donna Shavolian Hedvat pays $3.6M to Seagram Properties for mixed-use in Ridgewood

Donna Shavolian Hedvat through the entity 7001 Forest Ave Operating LLC paid $3.6 million to Seagram Properties through the entity London & Leeds LLC for the mixed-use building (K7) at 70-01 Forest Avenue in Ridgewood, Queens.
The deal closed on December 22, 2022 and was recorded on January 13, 2023. The property has 10,848 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $336 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 January 16, 2020, for $2.9 million. The signatory for Seagram Properties was Paul Daniel Conway. The signatory for Donna Shavolian Hedvat was Donna Shavolian Hedvat.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Donna Shavolian Hedvat purchased three properties in three transactions for a total of $12.6 million and has no record it sold any properties over the past 24 months.
The seller Seagram Properties had not purchased any other properties and sold three properties in three transactions for a total of $17.5 million over the same time period. The 10,848-square-foot property generated revenue of $369,917 or $34 per square foot, according to the most recent income and expense figures.

The property

The 70-01 Forest Avenue parcel has frontage of 69 feet and is 100 feet deep with a total lot size of 7,000 square feet. The zoning is R5B which allows for up to 1.35 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.1 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 received $50 in OATH penalties 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 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 $282.3 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 472,611 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. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of two of the 19 commercial properties representing 26,208 square feet of the 113,289 square feet. The two identified owners are Seagram Properties and Ernest Schemitsch.
there are no active new building construction projects on this tax block.

The majority, or 55 percent of the 113,289 square feet of built space are mixed-use buildings, with walkup buildings next occupying 39 percent of the space.

The seller

The PincusCo database currently indicates that Seagram Properties owned at least two commercial properties in New York City with 22,877 square feet and a city-determined market value of $6.7 million. (Market value is typically about 50% of actual value.) The portfolio has $8.8 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 53 percent of the 22,877 square feet of built space are elevator properties, with mixed-use properties next occupying 47 percent of the space. The bulk, or 53 percent of the built space, is in Manhattan, with Queens next at 47 percent of the space.

The buyer

The PincusCo database currently indicates that Donna Shavolian Hedvat owned at least three commercial properties in New York City with 29,119 square feet and a city-determined market value of $4.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 49 percent of the 29,119 square feet of built space are specialty properties, with retail properties next occupying 34 percent of the space. The bulk, or 83 percent of the built space, is in Bronx, with Queens next at 17 percent of the space.

Direct link to Acris document. link