Long-time owner sells Jamaica retail for $10.5M

A family investment firm through the entity Jamaica R Mmm LLC paid $10.5 million to Ruben Azrak through the entity 162-11 Jamaica Avenue Realty Associates for the retail building (K2) at 162-17 Jamaica Avenue in Jamaica, Queens. The expected use is cash flowing.
The deal closed on November 13, 2024 and was recorded on November 22, 2024. The property has 57,325 square feet of built space and 49,356 square feet of additional air rights for a total buildable of 106,656 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $183 and the price per buildable square foot is $98 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 Ruben Azrak was Ruben Azrak. The signatory for the Rosilio family was Maor Rosilio. The contract date was August 15, 2024. Ruben Azrak bought the building in 1983 for $1.4 million. The Rosilio family owns Meridian Furniture and also invests in property.

Kassin Sabbagh Realty brokered the sale representing both buyer and seller in the transaction.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer purchased one property in one transaction for a total of $3.6 million and has no record it sold any properties over the past 24 months.
The seller Ruben Azrak had not purchased any other properties and sold four properties in three transactions for a total of $22.3 million over the same time period. The 57,325-square-foot property generated revenue of $1.6 million or $28 per square foot, according to the most recent income and expense figures.

The property

The retail building in Jamaica has 57,325 square feet of built space and 49,356 square feet of additional air rights for a total buildable of 106,656 square feet according to a PincusCo analysis of city data. The parcel has frontage of 78 feet and is 181 feet deep with a total lot size of 14,183 square feet. The lot is irregular. The zoning is C6-3 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 7.52 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $9.2 million.

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 one DOB violation and $12,880 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 $1 million on this tax lot.

The neighborhood

In Jamaica, The bulk, or 34 percent of the 29.2 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 14 percent of the space. In sales, Jamaica has 1.2 times the average sales volume among other neighborhoods with $295 million in sales volume in the last two years and is the 4th highest in Queens. For development, Jamaica has 1.9 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Queens. It had 2.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 16 commercial properties representing 253,537 square feet of the 543,415 square feet. The largest owner is Jackson Group, followed by New York City Housing Authority and then Zara Realty Holding.
On the tax block, there was one new building construction project filed totaling 50,122 square feet. It is a 52-unit, 50,122 square-foot residential (R-2) building submitted by Windfall Group and filed by Eddie Ni with plans filed April 21, 2022 and permitted June 2, 2022.

The majority, or 32 percent of the 543,415 square feet of built space are elevator buildings, with industrial buildings next occupying 29 percent of the space.

The buyer

The PincusCo database currently indicates that Rosilio family owned at least one commercial property with two residential units in New York City with 4,014 square feet and a city-determined market value of $3.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single B2 property. It is located in Brooklyn.

Direct link to Acris document. link