Lions Group, Premier Care Industries pay $10.9M in Sunnyside

Lions Group and Premier Care Industries through the entity 777 Middle Neck LLC paid $10.9 million to Jack Biondo and the estate of Sally Biondo through the entity 4802 Queens Boulevard LLC for the mixed-use building (K1) at 48-02 Queens Boulevard in Sunnyside, Queens.
The deal closed on December 9, 2022 and was recorded on December 23, 2022. The property has 13,300 square feet of built space and 62,700 square feet of additional air rights for a total buildable of 76,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $819 and the price per buildable square foot is $143 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 Jack Biondo and Sally Biondo estate was Jack Bionde. The signatory for Lions Group and Premier Care Industries was Ramin Shirian and Ouri Neman.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Lions Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jack Biondo had not purchased any other properties and had not sold any properties over the same time period. The 13,300-square-foot property generated revenue of $412,757 or $31 per square foot, according to the most recent income and expense figures.

The property

The 48-02 Queens Boulevard parcel has frontage of 190 feet and is 100 feet deep with a total lot size of 19,000 square feet. The zoning is C4-4A which allows for up to 4 times floor area ratio (FAR) for commercial and up to 4 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.3 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 $20,000 in ECB penalties and $23,080 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 Sunnyside, the bulk, or 32 percent of the 15.9 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Sunnyside has had very little sales volume relative to other neighborhoods with $290.3 million in sales volume in the last two years. For development, Sunnyside has had very little major development activity relative to other neighborhoods.It had 490,280 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

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

The majority, or 95 percent of the 243,300 square feet of built space are walkup buildings, with mixed-use buildings next occupying 5 percent of the space.

The buyer

The PincusCo database currently indicates that Lions Group owned at least 10 commercial properties in New York City with 332,495 square feet and a city-determined market value of $70.9 million. (Market value is typically about 50% of actual value.) The portfolio has $195.8 million in debt, with top three lenders as Greystone & Co., Bank Leumi, and Popular Bank respectively. Within the portfolio, the bulk, or 95 percent of the 332,495 square feet of built space are elevator properties, with industrial properties next occupying 3 percent of the space. The bulk, or 88 percent of the built space, is in Queens, with Manhattan next at 11 percent of the space.

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