Frank Reina pays $6.5M for 34-unit walkup in Ridgewood

Frank Reina through the entity F&J Realty Group LLC paid $6.5 million to Freida Hocevar estate for the 34-unit residential walkup building (C7) at 65-22 Fresh Pond Road in Ridgewood, Queens.
The deal closed on January 30, 2023 and was recorded on January 31, 2023. The property has 29,880 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $217 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 Freida Hocevar estate was Madeline Hocevar. The signatory for Frank Reina was Frank Reina.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Frank Reina had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Freida Hocevar estate had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Madeline Hocevar, head officer. The business entity is Estate Of Frieda Hocvar. The 29,880-square-foot property generated revenue of $612,360 or $20 per square foot, according to the most recent income and expense figures.

The property

The 65-22 Fresh Pond Road parcel has frontage of 76 feet and is 120 feet deep with a total lot size of 9,188 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 $2.9 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 one DOB violation, 23 housing violations, $500 in OATH penalties, and one housing litigation 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 one of the nine commercial properties representing 29,880 square feet of the 58,428 square feet. The identified owner is Frieda Hocevar.
There are no active new building construction projects on this tax block.

The majority, or 70 percent of the 58,428 square feet of built space are walkup buildings, with mixed-use buildings next occupying 21 percent of the space.

The buyer

The PincusCo database currently indicates that Frank Reina owned at least six commercial properties in New York City with 68,918 square feet and a city-determined market value of $5.9 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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