Mark Koplowitz pays $4M to Cohen Equities for industrial in Ozone Park
Mark Koplowitz through the entity Markland 99 LLC paid $4 million to Cohen Equities through the entity 9720 99th Street Queens LLC for the industrial building (E1) at 97-20 99th Street in Ozone Park, Queens.
The deal closed on March 28, 2024 and was recorded on May 3, 2024. The property has 5,600 square feet of built space and 7,659 square feet of additional air rights for a total buildable of 13,297 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $723 and the price per buildable square foot is $304 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 October 19, 2022, for $3.4 million. The signatory for Cohen Equities was Meir Cohen. The signatory for Mark Koplowitz was Mark Koplowitz. The contract date was March 28, 2024. Cohen Equities acquired the property following a foreclosure auction in 2022.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Mark Koplowitz purchased three properties in three transactions for a total of $20.4 million and sold three properties in one transactions for a total of $2.5 million over the past 24 months.
The 5,600-square-foot property generated revenue of $90,266 or $16 per square foot, according to the most recent income and expense figures.
The property
The industrial building in Ozone Park has 5,600 square feet of built space and 7,659 square feet of additional air rights for a total buildable of 13,297 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,638 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $605,000.
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 Ozone Park, The bulk, or 28 percent of the 5.4 million square feet of commercial built space are mixed-use buildings, with industrial buildings next occupying 22 percent of the space. In sales, Ozone Park has the 22nd highest sale turnover among other neighborhoods in Queens with $70.4 million in sales volume in the last two years. For development, Ozone Park has had very little major development activity relative to other neighborhoods.It had 139,850 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. There were two pre-foreclosure suit filed among other industrial buildings in the past 12 months.
The block
On this tax block, PincusCo has identified the owners of one of the 19 commercial properties representing zero square feet of the 86,911 square feet. The identified owner is City Of New York.
There are no active new building construction projects on this tax block.
The majority, or 68 percent of the 86,911 square feet of built space are industrial buildings, with mixed-use buildings next occupying 32 percent of the space.
The buyer
The PincusCo database currently indicates that Mark Koplowitz owned at least five commercial properties with 15 residential units in New York City with 36,396 square feet and a city-determined market value of $6.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 76 percent of the 36,396 square feet of built space are industrial properties, with walkup properties next occupying 24 percent of the space. The bulk, or 51 percent of the built space, is in Queens, with Bronx next at 25 percent of the space.