Garbo & Company pays $1.5M for 6-unit walkup in Ridgewood

Garbo & Company through the entity Catalpa Apartments LLC paid $1.5 million for the six-unit residential walkup building (C2) at 62-15 Catalpa Avenue in Ridgewood, Queens.
The deal closed on January 8, 2024 and was recorded on January 16, 2024. The property has 5,724 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $262 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 the seller was Sonja Karner. The signatory for Garbo & Company was Yaniv Garbo. The contract date was September 1, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Garbo & Company purchased one other property for $1.2 million and has no record it sold any properties over the past 24 months.
The seller Sonja Karner 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 Sonja Karner, head officer.

The property

The residential walkup building with 6 residential units in Ridgewood has 5,724 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 26 feet and is 100 feet deep with a total lot size of 2,650 square feet. The zoning is R5B which allows for up to 1.35 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $920,000.

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 one DOB violation 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 six commercial properties representing 3,000 square feet of the 27,504 square feet. The identified owner is Mehmet Perasevic.
There are no active new building construction projects on this tax block.

The majority, or 68 percent of the 27,504 square feet of built space are walkup buildings, with mixed-use buildings next occupying 32 percent of the space.

Direct link to Acris document. link