Leopoldo Garden pays $8.2M to Ralph Aiello for retail in North Corona

Leopoldo Garden through the entity Corona Plaza LLC paid $8.2 million to Ralph Aiello through the entity Permessa Holding Co., Inc. for retail building (K1) at 39-22 104th Street in North Corona, Queens.
The deal closed on September 12, 2022 and was recorded on September 29, 2022. The property has 7,322 square feet of built space and 7,332 square feet of additional air rights for a total buildable of 14,664 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,126 and the price per buildable square foot is $562 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 Ralph Aiello was Ralph Aiello. The signatory for Leopoldo Garden was Leopoldo Garden.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Leopoldo Garden had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Ralph Aiello had not purchased any other properties and had not sold any properties over the same time period. The 7,322-square-foot property generated revenue of $478,691 or $65 per square foot, according to the most recent income and expense figures.

The property

The 39-22 104th Street parcel has frontage of 51 feet and is 102 feet deep with a total lot size of 7,332 square feet. The lot is irregular. 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 $3 million.

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 received $2,290 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 $5 million on this tax lot.

The neighborhood

In North Corona, the bulk, or 32 percent of the 4.9 million square feet of commercial built space are mixed-use buildings, with walkup buildings next occupying 29 percent of the space. In sales, North Corona has had very little sales volume relative to other neighborhoods with $95.4 million in sales volume in the last two years. For development, North Corona has had very little major development activity relative to other neighborhoods.It had 122,191 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 five of the 44 commercial properties representing 19,940 square feet of the 212,443 square feet. The largest owner is Shiraz Sanjana, followed by Dale Fischer and then Frank Toro As Trustee.
On the tax block, there were six new building construction projects totaling 18,652 square feet. The largest is a seven-unit, 4,992-square-foot R-2 building developed by Sepehr Yaghoubian with plans filed October 12, 2017 and permitted August 23, 2019. The second largest is a 4,927-square-foot M building developed by Hector Burgos with plans filed February 23, 2015 and it has not been permitted yet.

The majority, or 61 percent of the 212,443 square feet of built space are mixed-use buildings, with walkup buildings next occupying 16 percent of the space.

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