Matthew Lawrence pays $7M for Sunnyside dev site with 61 units planned

Matthew Lawrence and Anivelca Cordova through the entity 50th Street Woodside Owner, LLC paid $7 million to Donna Haddad through the entity Mdl&S LLC for the midblock parcel at 43-12 50th Street in Sunnyside, Queens.
The deal closed on April 11, 2022 and was recorded on May 2, 2022. Lawrence filed plans for a 61-unit residential building at this site in December 2021.

The property has 20,000 square feet of built space and 21,840 square feet of additional air rights for a total buildable of 41,800 square feet according to PincusCo analysis of city data. The sale price per built square foot is $350 and the price per buildable square foot is $167 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 Donna Haddad was Donna Haddad. The signatory for Matthew Lawrence and Anivelca Cordova was Matthew Lawrence and Anivelca Cordova. Matthew Lawrence is associated with two company, Zone 12, LLC, an Sarana Development. The buyer entity was registered with management firm Lemle & Wolff.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Matthew Lawrence had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Donna Haddad had not purchased any other properties and had not sold any properties over the same time period. The 20,000-square-foot property generated revenue of $460,525 or $23 per square foot, according to the most recent income and expense figures.

The property

The 43-12 50th Street parcel has frontage of 102 feet and is 100 feet deep with a total lot size of 10,450 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.2 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 DOB violation, $6,250 in ECB penalties, and $6,550 in OATH penalties in the last year.

Development

On these lots, there is one active new building construction project for a 61-unit, 41,852-square-foot R-2 building. The project was developed by Matthew Lawrence with plans filed December 15, 2021 and it has not been permitted yet.

The neighborhood

In Sunnyside, the bulk, or 35 percent of the 23.5 million square feet of commercial built space are residential elevator buildings, with residential walkup buildings next occupying 19 percent of the space. In sales, Sunnyside has had very little sales volume relative to other neighborhoods with $174.7 million in sales volume in the last two years. For development, Sunnyside has had very little major development activity relative to other neighborhoods.It had 208,722 square feet of commercial and multi-family construction under development in the last two years, which represents 0.89 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 14 commercial properties representing 10,660 square feet of the 138,613 square feet. The two identified owners are Stefanos Kilis and City of New York. There is one active new building construction project totaling 41,852 square feet. It is a 61-unit, 41,852-square-foot R-2 building developed by Matthew Lawrence with plans filed December 15, 2021 and it has not been permitted yet.

The majority, or 25 percent of the 155,403 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 21 percent of the space.

Surrounding

Within a 400-foot radius of 43-12 50th Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which A&E Real Estate Holdings borrowed $529.5 million from JPMorgan Chase secured by the 18,700-square-foot, 62-unit rental (D7) on 41-46 43rd Avenue and 42 other properties on July 20, 2021.

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