Frances Valenzo pays $12M to Sandra Schneider Lehman for two properties in Middle Village

Frances Valenzo through the entity Food Connection Realty LLC paid $12 million to Sandra Schneider Lehman through the entity Permax Realty Co. LLC for the retail building (K1) at 79-15 Eliot Avenue in Middle Village, Queens and industrial building (G7) at 79th Street in Middle Village, Queens.
The deal closed on October 14, 2022 and was recorded on October 25, 2022. The two properties have 10,000 square feet of built space and 7,200 square feet of additional air rights for a total buildable of 14,700 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,200 and the price per buildable square foot is $816 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 Sandra Schneider Lehman was Sandra Schneider Lehman. The signatory for Frances Valenzo was William Fani. The Valenzo family has been an owner of Met Food supermarkets in Staten Island and Queens.

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 79-15 Eliot Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Frances Valenzo had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Sandra Schneider Lehman had not purchased any other properties and had not sold any properties over the same time period. Out of the two properties, one with a total of 10,000 square feet of built space generated revenue of $770,519 per year.

The property

The 79-15 Eliot Avenue parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 square feet. The zoning is R4 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received $1,000 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 Middle Village, the bulk, or 22 percent of the 3.2 million square feet of commercial built space are specialty buildings, with industrial buildings next occupying 21 percent of the space. In sales, Middle Village has the 46th highest sale turnover among other neighborhoods in Queens with $10.8 million in sales volume in the last two years. For development, Middle Village has had very little major development activity relative to other neighborhoods.It had 8,405 square feet of commercial and multi-family construction under development in the last two years, which represents 0.26 percent of the neighborhood’s built space.

The block

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

The majority, or 100 percent of the 10,000 square feet of built space are retail buildings.

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