Innovative Resources for Independence pays $5.2M for retail in Rego Park

Innovative Resources for Independence through the entity Iri: Innovative Resources For Independence, Inc. paid $5.2 million to Carol Stougo through the entity 1105 First Associates, LLC for the retail building (K1) at 65-35 Woodhaven Boulevard in Rego Park, Queens. The expected use is cash flowing.
The deal closed on July 31, 2024 and was recorded on August 9, 2024. The property has 9,548 square feet of built space and 395 square feet of additional air rights for a total buildable of 9,889 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $544 and the price per buildable square foot is $525 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 seller bought the property on April 20, 2006, for $3.8 million. The signatory for Carol Stougo was Carol Stougo. The signatory for Innovative Resources for Independence was Ana Koessler. The contract date was June 7, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Innovative Resources for Independence had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Carol Stougo had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in Rego Park has 9,548 square feet of built space and 395 square feet of additional air rights for a total buildable of 9,889 square feet according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 97 feet deep with a total lot size of 19,779 square feet. The lot is irregular. The zoning is R3-1 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.9 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 $325 in OATH penalties 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 Rego Park, The majority, or 65 percent of the 10.6 million square feet of commercial built space are elevator buildings, with mixed-use buildings next occupying 13 percent of the space. In sales, Rego Park has had very little sales volume relative to other neighborhoods with $209.1 million in sales volume in the last two years. For development, Rego Park has had very little major development activity relative to other neighborhoods.It had 229,389 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

There are no active new building construction projects on this tax block.

All properties are retail.

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