Gabriel Prime Realty Inc. pays $18.7M for 55-unit rental in Forest Hills

Gabriel Prime Realty Inc. through the entity Forest Hill Prime Realty LLC paid $18.7 million to Howard J. Butnick’s Pandora Enterpises Inc. for the 55-unit residential elevator building (D7) at 108-50 71st Avenue in Forest Hills, Queens.
The deal closed on December 13, 2022 and was recorded on December 28, 2022. The property has 63,074 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $297 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.) Howard J. Butnick was identified as president of the seller entity in a 2018 loan document.

Prior sales and revenue

The former owners according to the Department of Housing Preservation and Development includes Paul Brensilber, head officer and Gerry Huertas, site manager. The business entities are Jordan Cooper LLC and Pandora Enterprises. The 63,074-square-foot property generated revenue of $1.5 million or $24 per square foot, according to the most recent income and expense figures.

The property

The parcel has frontage of 175 feet and is 100 feet deep with a total lot size of 17,500 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $5.1 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 two DOB violations and two housing violations 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 block

On this tax block, PincusCo has identified the owners of one of the seven commercial properties representing 65,500 square feet of the 207,511 square feet. The identified owner is Landau Real Estate.
There are no active new building construction projects on this tax block.

The majority, or 66 percent of the 194,075 square feet of built space are elevator buildings, with specialty buildings next occupying 24 percent of the space.

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