Mark Koplowitz pays $6M for industrial in Glendale

Mark Koplowitz through the entity Glendale Properties NY LLC paid $6 million to Benjamin J. Schwartz, Edward Erhard, and Marie Pindus through the entity Bb Moon LLC (and others) for the industrial building (F4) at 70-09 73rd Place in Glendale, Queens.
The deal closed on June 29, 2023 and was recorded on July 10, 2023. The property has 18,500 square feet of built space and 11,377 square feet of additional air rights for a total buildable of 29,940 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $324 and the price per buildable square foot is $200 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 Benjamin J. Schwartz, Edward Erhard, and Marie Pindus was Benjamin J. Schwartz, Edward Erhard, and Marie Pindus. The signatory for Mark Koplowitz was Mark Koplowitz.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Mark Koplowitz purchased one property in one transaction for a total of $3.9 million and has no record it sold any properties over the past 24 months.
The seller Benjamin J. Schwartz had not purchased any other properties and had not sold any properties over the same time period. The 18,500-square-foot property generated revenue of $313,485 or $17 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Glendale has 18,500 square feet of built space and 11,377 square feet of additional air rights for a total buildable of 29,940 square feet according to a PincusCo analysis of city data. The parcel has frontage of 292 feet and is 134 feet deep with a total lot size of 29,940 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing 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 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 Glendale, The bulk, or 36 percent of the 6.3 million square feet of commercial built space are mixed-use buildings, with industrial buildings next occupying 27 percent of the space. In sales, Glendale has the 33rd highest sale turnover among other neighborhoods in Queens with $38.3 million in sales volume in the last two years. For development, Glendale has had very little major development activity relative to other neighborhoods.It had 104,165 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

There are no active new building construction projects on this tax block.

All properties are industrial.

The seller

The PincusCo database currently indicates that Marie Pindus owned at least two commercial properties with 50 residential units in New York City with 38,666 square feet and a city-determined market value of $3.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Queens.

The buyer

The PincusCo database currently indicates that Mark Koplowitz owned at least three commercial properties with seven residential units in New York City with 14,064 square feet and a city-determined market value of $2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 65 percent of the 14,064 square feet of built space are industrial properties, with walkup properties next occupying 35 percent of the space. The bulk, or 65 percent of the built space, is in Bronx, with Brooklyn next at 35 percent of the space.

Direct link to Acris document. link