Finochio Family pays $13.2M for possible dev site in Briarwood, owns adjacent parcel

The Finochio Family through the entity Bloomingdale Hillside Avenue, LLC paid $13.2 million to William Green through the entity Rw 139-29 Hillside, LLC for the retail building (K1) at 139-29 Hillside Avenue in Briarwood, Queens. The Finochio Family owns the adjacent parcel, an auto showroom, at 139-01 Hillside Avenue.
The deal closed on April 27, 2023 and was recorded on May 4, 2023. The property has 12,500 square feet of built space and 91,557 square feet of additional air rights for a total buildable of 104,043 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,060 and the price per buildable square foot is $127 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 William Green was William Green. The Finochio Family now owns 450 feet of frontage on Hillside Avenue east of 139th Street. The Finochio family has owned the adjacent parcel since 1984, when Steven Finochio bought it with Gene Viola as tenant-in-common owners, then the Finochios bought out the Violas’ 50% stake in 2021 for $5 million.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Finochio Family had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller William Green had not purchased any other properties and had not sold any properties over the same time period. The 12,500-square-foot property generated revenue of $393,169 or $31 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building in Briarwood has 12,500 square feet of built space and 91,557 square feet of additional air rights for a total buildable of 104,043 square feet according to a PincusCo analysis of city data. The parcel has frontage of 237 feet and is 172 feet deep with a total lot size of 34,681 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 $3.3 million.

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 $3,900 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 $1 million on this tax lot.

The neighborhood

In Briarwood, The majority, or 66 percent of the 5.2 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 14 percent of the space. In sales, Briarwood has had very little sales volume relative to other neighborhoods with $171.1 million in sales volume in the last two years. For development, Briarwood has had very little major development activity relative to other neighborhoods.It had 75,388 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 one of the two commercial properties representing 36,621 square feet of the 49,121 square feet. The identified owner is Marialaina Finochio-Brody.
There are no active new building construction projects on this tax block.

The majority, or 75 percent of the 49,121 square feet of built space are industrial buildings, with mixed-use buildings next occupying 25 percent of the space.

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