Mark Weiss pays $4.6M to Michail Litvin for retail in Ozone Park

Mark Weiss through the entity 705-711 Franklin Realty LLC paid $4.6 million to Michail Litvin through the entity Citta Financial Services, Inc. for the mixed-use and retail building (K4) at 97-08 Rockaway Boulevard in Ozone Park, Queens.

The deal closed on December 22, 2023 and was recorded on January 12, 2024. The property has 21,689 square feet of built space and 441 square feet of additional air rights for a total buildable of 22,090 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $209 and the price per buildable square foot is $206 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 March 4, 2016, for $4.3 million. The signatory for Michail Litvin was Michail Litvin. The signatory for Mark Weiss was Mark Weiss. The contract date was December 14, 2023. Michail Litvin also spells his name Michael Litvin

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Mark Weiss had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Michail Litvin had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building in Ozone Park has 21,689 square feet of built space and 441 square feet of additional air rights for a total buildable of 22,090 square feet according to a PincusCo analysis of city data. The parcel has frontage of 186 feet and is 73 feet deep with a total lot size of 11,045 square feet. The lot is irregular. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.2 million. The most recent loan totaled $6.5 million and was provided by Dime Community Bank on May 27, 2020.

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 $100 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 29, 2018. 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 26th highest sale turnover among other neighborhoods in Queens with $67.4 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 151,381 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

On this tax block, PincusCo has identified the owners of one of the four commercial properties representing 21,689 square feet of the 27,289 square feet. The identified owner is Mark Weiss.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 27,289 square feet of built space are mixed-use buildings, with industrial buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that Michail Litvin owned at least one commercial property in New York City with 21,689 square feet and a city-determined market value of $3.2 million. (Market value is typically about 50% of actual value.) The portfolio has $6.5 million in debt, borrowed from Dime Community Bank. The portfolio consists of at least a single mixed-use property. It is located in Queens.

The buyer

The PincusCo database currently indicates that Mark Weiss owned at least three commercial properties in New York City with 33,759 square feet and a city-determined market value of $5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 64 percent of the 33,759 square feet of built space are mixed-use properties, with retail properties next occupying 36 percent of the space. The bulk, or 64 percent of the built space, is in Queens, with Brooklyn next at 36 percent of the space.

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