Haimo Zhong pays $3.9M to Gottesman family for industrial in Hollis

Haimo Zhong through the entity 182 JMC LLC paid $3.9 million to Gottesman family and Palma Marzigliano through the entity Gottesman Family Properties LLC for the industrial building (G1) at 182-30 Jamaica Avenue in Hollis, Queens.
The deal closed on January 9, 2023 and was recorded on January 23, 2023. The property has 15,000 square feet of built space and 15,000 square feet of additional air rights for a total buildable of 30,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $258 and the price per buildable square foot is $129 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 Gottesman family and Palma Marzigliano was Caryl Donatucci and Edward J. Bullard. The signatory for Haimo Zhong was Haimo Zhong.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Haimo Zhong purchased five properties in two transactions for a total of $10.6 million and has no record it sold any properties over the past 24 months.
The seller Gottesman family purchased two properties in two transactions for a total of $8.5 million and sold two properties in two transactions for a total of $8.5 million over the same time period. The 15,000-square-foot property generated revenue of $194,850 or $13 per square foot, according to the most recent income and expense figures.

The property

The 182-30 Jamaica Avenue parcel has frontage of 149 feet and is 100 feet deep with a total lot size of 15,000 square feet. The lot is irregular. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $893,000.

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 neighborhood

In Hollis, the bulk, or 27 percent of the 4.5 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 21 percent of the space. In sales, Hollis has had very little sales volume relative to other neighborhoods with $92.3 million in sales volume in the last two years. For development, Hollis has had very little major development activity relative to other neighborhoods.It had 63,568 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the four commercial properties representing 20,674 square feet of the 35,674 square feet. The identified owner is Moshe Koplowitz.
On the tax block, there was one new building construction project filed totaling 2,744 square feet. It is a 2,744-square-foot M building developed by Mark Koplowitz with plans filed May 14, 2013 and permitted March 17, 2014.

The majority, or 58 percent of the 35,674 square feet of built space are retail buildings, with industrial buildings next occupying 42 percent of the space.

The seller

The PincusCo database currently indicates that Gottesman Family owned at least 12 commercial properties in New York City with 635,444 square feet and a city-determined market value of $181.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 62 percent of the 635,444 square feet of built space are elevator properties, with office properties next occupying 21 percent of the space. They are all located in Manhattan.
The PincusCo database currently indicates that Palma Marzigliano owned at least one commercial property in New York City with 4,929 square feet and a city-determined market value of $521,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Haimo Zhong owned at least six commercial properties in New York City with 32,669 square feet and a city-determined market value of $3.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 65 percent of the 32,669 square feet of built space are mixed-use properties, with industrial properties next occupying 23 percent of the space. The bulk, or 65 percent of the built space, is in Brooklyn, with Queens next at 35 percent of the space.

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