Margarita Brennan pays $3.5M for office in Rockaway Beach

Margarita Brennan through the entity Bh 8808 LLC paid $3.5 million to Oscar Ed Patisso through the entity 8808 Rockaway LLC for the office building (O2) at 88-08 Rockaway Beach Boulevard in Rockaway Beach, Queens. The expected use is cash flowing.
The deal closed on November 25, 2024 and was recorded on December 18, 2024. The property has 12,300 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $284 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 December 20, 2019, for $1.4 million. The signatory for Oscar Ed Patisso was Oscar Ed Patisso. The signatory for Margarita Brennan was Margarita Brennan. The contract date was October 16, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Margarita Brennan had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Oscar Ed Patisso had not purchased any other properties and had not sold any properties over the same time period.

The property

The office building in Rockaway Beach has 12,300 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 42 feet and is 111 feet deep with a total lot size of 4,520 square feet. The zoning is R5D which allows for up to 2 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.1 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 not received any significant 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 neighborhood

In Rockaway Beach, The majority, or 51 percent of the 3.2 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 20 percent of the space. In sales, Rockaway Beach has the 49th highest sale turnover among other neighborhoods in Queens with $11.4 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 103,038 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 39 percent of the 78,795 square feet of built space are industrial buildings, with walkup buildings next occupying 28 percent of the space.

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