Local investor pays $11.2M for 65-unit rental in Rego Park

UPDATED: A local investor through the entity Booth 6560 LLC paid $11.2 million to Robert Miller through the entity 65-60 Realty Co., LLC for the 65-unit residential elevator building (D1) at 65-60 Booth Street in Rego Park, Queens. The expected use is cash flowing.
The deal closed on September 26, 2024 and was recorded on October 3, 2024. The property has 64,932 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $173 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 Robert Miller was Robert L. Miller. The signatory for the buyer was Moses Eckstein. The contract date was July 12, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer had purchased any other properties and sold one property in one transaction for a total of $3.2 million over the past 24 months.
The seller Robert Miller had not purchased any other properties and sold four properties in four transactions for a total of $29.8 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Robert Miller, head officer and Rafael Germosen, site manager. The business entities are B & R Management Co. Llc and 6560 Realty Co. Llc.

The property

The residential elevator building with 65 residential units in Rego Park has 64,932 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 180 feet and is 100 feet deep with a total lot size of 18,000 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.3 million. The most recent loan totaled $5.3 million and was provided by JPMorgan Chase on June 23, 2021. The property has 58 rent regulated units according to city tax records from 2023.

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 seven 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 this tax block, PincusCo has identified the owners of three of the three commercial properties representing 128,556 square feet of the 128,556 square feet. The two identified owners are Victor Gjonaj and Robert Miller.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 128,556 square feet of built space are elevator buildings, with development buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that Robert Miller owned at least four commercial properties with 256 residential units in New York City with 301,440 square feet and a city-determined market value of $13.9 million. (Market value is typically about 50% of actual value.) The portfolio has $19.9 million in debt, borrowed from JPMorgan Chase. Within the portfolio, the bulk, or 98 percent of the 301,440 square feet of built space are elevator properties, with walkup properties next occupying 2 percent of the space. The bulk, or 50 percent of the built space, is in Bronx, with Manhattan next at 27 percent of the space.

The buyer

The PincusCo database currently indicates that the buyer owned at least seven commercial properties with 364 residential units in New York City with 387,325 square feet and a city-determined market value of $14.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 99 percent of the 387,325 square feet of built space are elevator properties, with walkup properties next occupying 1 percent of the space. They are all located in Brooklyn.
UPDATED with the buyer’s name removed from headline and first paragraph.