Kingdom Equities pays $9.8M to estate of Fred Stark for three walkups in Sunnyside

Dominic Casamento’s Kingdom Equities through the entity Sunnyside 47 LLC paid $9.8 million to Fred Stark through the entity Sunnyside 47th Avenue, LLC for the 20-unit residential walkup building (C1) at 39-38 47th Avenue in Sunnyside, Queens, 20-unit residential walkup building (C1) at 39-30 47th Avenue in Sunnyside, Queens, and 20-unit residential walkup building (C1) at 39-44 47th Avenue in Sunnyside, Queens.
The deal closed on June 7, 2024 and was recorded on June 24, 2024. The three properties have 26,820 square feet of built space and 779 square feet of additional air rights according to a PincusCo analysis of city data. The sale price per built square foot is $365 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.)
Kingdom Equities financed the purchase with a $10.2M acquisition loan with Fairbridge Asset Management and White Oak Assets.
The signatory for Fred Stark was attorney Bruce Sontag. The signatory for Kingdom Equities was Leslie Feder. The contract date was January 9, 2024. The seller is the estate of Fred Stark. Bruce Sontag is an attorney and senior member of the law firm Sontag & Hyman and is an executor of the estate. Dominic Casamento is managing partner with Kingdom Equities.

A few days earlier, Yi Jian Lin paid $7.29 million to the estate of Fred Stark for two long and thin industrial properties that front railroad tracks on one side and a surface road on another in Jamaica, Queens, in two transactions.

In December 2021, the estate of Rita Stark sold a development site at 94-01 Sutphin Boulevard in Jamaica, Queens, to Remsen Capital Management for $59.7 million.

Fred Stark died in 1988, and his daughter Rita Stark, who controlled much of the portfolio, died in 2016.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Kingdom Equities purchased two properties in one transaction for a total of $3.5 million and has no record it sold any properties over the past 24 months.
The seller Fred Stark had not purchased any other properties and sold two properties in two transactions for a total of $7.3 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Elizabeth Farrell, head officer and Earl Dyette, officer. The business entity is Estate Of Fred Stark.

The property

The residential walkup building with 20 residential units in Sunnyside has 26,820 square feet of built space and 779 square feet of additional air rights according to a PincusCo analysis of city data. The parcel has frontage of 62 feet and is 100 feet deep with a total lot size of 6,199 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $800,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received three 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 the tax block of 39-30 47th Avenue, PincusCo has identified the owners of four of the nine commercial properties representing 118,149 square feet of the 146,709 square feet. The largest owner is Steve Tenedios, followed by Kim Hyung J. and then Harold Stark.
There are no active new building construction projects on this tax block.

The majority, or 72 percent of the 146,709 square feet of built space are elevator buildings, with walkup buildings next occupying 18 percent of the space.

The buyer

The PincusCo database currently indicates that Kingdom Equities owned at least seven commercial properties with 122 residential units in New York City with 81,346 square feet and a city-determined market value of $10 million. (Market value is typically about 50% of actual value.) The portfolio has $7.8 million in debt, borrowed from Dime Community Bank. Within the portfolio, all identified are walkup properties. They are all located in Queens.

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