Frank Kurre pays $2.1M for residential walkup in Ridgewood

Frank Kurre through the entity 1731 Cornelia LLC paid $2.1 million to Salvatorre Tomaselli through the entity Dyfm LLC for 12-unit residential walkup building (C1) at 1731 Cornelia Street in Ridgewood, Queens.
The deal closed on July 26, 2022 and was recorded on August 5, 2022. The property has 7,744 square feet of built space according to PincusCo analysis of city data. The sale price per built 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 seller bought the property on June 18, 2014, for $1.4 million. The signatory for Salvatorre Tomaselli was Salvatorre Tomaselli. The signatory for Frank Kurre was Frank Kurre. Frank Kurre is a managing director at Protiviti, a consulting company that is wholly owned by the public company Robert Half International.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Frank Kurre purchased one properties in one transactions for a total of $1.5 million and has no record it sold any properties over the past 24 months.
The seller Salvatorre Tomaselli had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Anthony Moschitta, head officer and Salvatore Tomaselli, officer. The business entity is Dyfm Llc. The 7,744-square-foot property generated revenue of $186,709 or $24 per square foot, according to the most recent income and expense figures.

The property

The 1731 Cornelia Street parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $884,000.

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 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 block

On this tax block, PincusCo has identified the owners of five of the 35 commercial properties representing 27,655 square feet of the 173,361 square feet. The largest owner is Ya Ling Lin, followed by Anthony Moschitta and then Tamer Tamer.
There are no active new building construction projects on this tax block.

the majority, or 60 percent of the 173,361 square feet of built space are walkup buildings, with mixed-use buildings next occupying 38 percent of the space.

The buyer

The PincusCo database currently indicates that Frank Kurre owned at least three commercial properties in New York City with 16,062 square feet and a city-determined market value of $2.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Queens.

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