Buyer pays $2.75M for 8-unit walkup in Ridgewood

The entity Bath 2046 LLC paid $2.8 million to Franciszek Danowski estate for the six-unit residential walkup building (C2) at 1713 Putnam Avenue in Ridgewood, Queens.
The deal closed on July 22, 2022 and was recorded on August 10, 2022. The property has 5,600 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $491 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 Franciszek Danowski estate was Donna Zielinska.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer purchased one property in one transaction for a total of $8 million and has no record it sold any properties over the past 24 months.
The seller Franciszek Danowski estate 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 Donna Zielinska, head officer. The business entity is Estate Of Franciszek Danowski.

The property

The 1713 Putnam Avenue parcel has frontage of 27 feet and is 100 feet deep with a total lot size of 2,742 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $782,000.

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 block

On this tax block, PincusCo has identified the owners of nine of the 33 commercial properties representing 50,700 square feet of the 183,566 square feet. The largest owner is Duke Properties, followed by Rosario Scibilia and then Wioletta Brzozowski.
There are no active new building construction projects on this tax block.

The majority, or 87 percent of the 183,566 square feet of built space are walkup buildings, with mixed-use buildings next occupying 13 percent of the space.

The buyer

The PincusCo database currently indicates that the buyer owned at least two commercial properties in New York City with 12,958 square feet and a city-determined market value of $2.1 million. (Market value is typically about 50% of actual value.) The portfolio has $6 million in debt, borrowed from Flushing Bank. Within the portfolio, the bulk, or 57 percent of the 12,958 square feet of built space are office properties, with walkup properties next occupying 43 percent of the space. They are all located in Queens.

Correction: The number of units was corrected from six to eight units and the buyer name was removed for privacy reasons.

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