Marc Resnick pays $2.4M for 10-unit walkup in Rockaway Beach

Marc Resnick through the entity Marc Resnick Trustee paid $2.4 million to Eugene Fitzgerald through the entity RF Realty Holding, LLC for the 10-unit residential walkup building at 98-18 Rockaway Beach Boulevard in Rockaway Beach, Queens.
The deal closed on March 28, 2022 and was recorded on April 22, 2022.The property has 9,800 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $246 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 seller bought the property on January 31, 2014, for $800,000. The signatory for Eugene Fitzgerald was Eugene Fitzgerald. The signatory for Marc Resnick was Marc Resnick.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Marc Resnick had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Eugene Fitzgerald had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Eugene Fitzgerald, head officer and John Resker, officer. The business entity is Rf Realty Holdings,Llc. The 9,800-square-foot property generated revenue of $267,228 or $27 per square foot, according to the most recent income and expense figures.

The property

The 98-18 Rockaway Beach Blvd parcel has frontage of 50 feet and is 120 feet deep with a total lot size of 5,902 square feet. The lot is irregular. The zoning is R4-1 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.5 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 one housing violation 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 Rockaway Beach, the majority, or 59 percent of the 8.1 million square feet of commercial built space are residential elevator buildings, with 1-4 family buildings next occupying 19 percent of the space. In sales, Rockaway Beach has the 51st highest sale turnover among other neighborhoods in Queens with $2.9 million in sales volume in the last two years. For development, Rockaway Beach has had very little major development activity relative to other neighborhoods.It had 203,563 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 84 percent of the 62,904 square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 16 percent of the space.

Surrounding

Within a 400-foot radius of 98-18 Rockaway Beach Boulevard, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
There were two new building permit applications. The most recent of these two items was a filing on September 4, 2020 for a 10,928-square-foot R-2 building with 14 residential units at 215 Beach 100th Street.

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