Lucitia Fortune pays $6.6M to Twilight Roller Skating Rink for retail in St. Albans
Lucitia Fortune through the entity Max Enterprise International, LLC paid $6.6 million to Twilight Roller Skating Rink for the retail building (K1) at 205-01 Linden Boulevard in St. Albans, Queens.
The deal closed on June 12, 2023 and was recorded on June 21, 2023. The property has 19,400 square feet of built space and 20,186 square feet of additional air rights for a total buildable of 39,495 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $338 and the price per buildable square foot is $166 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 Twilight Roller Skating Rink was Frank Williams. The signatory for Lucitia Fortune was Lucitia Fortune. Lucitia Fortune is sole member of the buyer entity.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Lucitia Fortune had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Twilight Roller Skating Rink had not purchased any other properties and had not sold any properties over the same time period. The 19,400-square-foot property generated revenue of $588,601 or $30 per square foot, according to the most recent income and expense figures.
The property
The retail building in St. Albans has 19,400 square feet of built space and 20,186 square feet of additional air rights for a total buildable of 39,495 square feet according to a PincusCo analysis of city data. The parcel has frontage of 280 feet and is 107 feet deep with a total lot size of 29,256 square feet. The zoning is R5B which allows for up to 1.35 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.2 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 $400 in OATH penalties in the last year.
Development
For the tax lot building, it received its initial certificate of occupancy on October 16, 2014. 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 St. Albans, The bulk, or 34 percent of the 5.2 million square feet of commercial built space are specialty buildings, with mixed-use buildings next occupying 18 percent of the space. In sales, St. Albans has the 45th highest sale turnover among other neighborhoods in Queens with $17.6 million in sales volume in the last two years. For development, St. Albans has had very little major development activity relative to other neighborhoods.It had 92,537 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 one of the seven commercial properties representing zero square feet of the 29,400 square feet. The identified owner is Consolidated Edison.
There are no active new building construction projects on this tax block.
The majority, or 66 percent of the 29,400 square feet of built space are retail buildings, with mixed-use buildings next occupying 34 percent of the space.
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