Garbo, Rottenberg pay $4M for school building in Maspeth

UPDATED 6:35 a.m., March 23, 2025: Developers Avraham Garbo and Sara Rottenberg through the entity Bh 7502 Management Elmhurst LLC paid $4 million through an estate sale to Dominic Panuccio through the entity Kadar Realty Corp. for the specialty building (W8) at 75-02 51st Avenue in Maspeth, Queens.
The deal closed on February 24, 2025 and was recorded on March 11, 2025. The property has 10,140 square feet of built space and 4,752 square feet of additional air rights for a total buildable of 14,850 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $394 and the price per buildable square foot is $269 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 Dominic Panuccio was Anthony F. Panuccio. The signatory for the buyers was Avraham Garbo . The contract date was September 25, 2024.

Prior sales and revenue

The seller Dominic Panuccio had not purchased any other properties and had not sold any properties over the same time period.

The property

The specialty building in Maspeth has 10,140 square feet of built space and 4,752 square feet of additional air rights for a total buildable of 14,850 square feet according to a PincusCo analysis of city data. The parcel has frontage of 123 feet and is 229 feet deep with a total lot size of 19,800 square feet. The lot is irregular. 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 $1.5 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 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 $1 million on this tax lot.

The neighborhood

In Maspeth, The majority, or 73 percent of the 22.3 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 8 percent of the space. In sales, Maspeth has 1.5 times the average sales volume among other neighborhoods with $390.2 million in sales volume in the last two years and is the 4th highest in Queens. For development, Maspeth has had very little major development activity relative to other neighborhoods.It had 447,248 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the five commercial properties representing zero square feet of the 10,140 square feet. The identified owner is Lirr.
On the tax block, there were five new building construction projects totaling 41,864 square feet. The largest is a two-unit, 9,946 square-foot residential (R-3) building submitted by Ai Yun Chen with plans filed April 9, 2015 and permitted May 10, 2019. The second largest is a two-unit, 9,946 square-foot residential (R-3) building submitted by Ai Yun Chen with plans filed April 9, 2015 and permitted May 10, 2019.

The majority, or 100 percent of the 10,140 square feet of built space are specialty buildings, with development buildings next occupying 0 percent of the space.

The buyer

The PincusCo database currently indicates that Gw Equities owned at least one commercial property with six residential units in New York City with 5,400 square feet and a city-determined market value of $847,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single M1 property. It is located in Brooklyn.

Correction: A prior version of this post identified the buyer as GW Equities, which was a partnership of Avraham Garbo and Barry Wagschal. However, they have discontinued new projects together and so GW Equities is not involved with this project.

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