Michael Zavoluno pays $4M to P.C. Richard & Son for retail in Rego Park

Michael Zavoluno through the entity 9263 Queens Blvd, LLC paid $4 million to P.C. Richard & Son through the entity A.J. Richard And Sons, Inc. for the retail building (K8) at 92-63 Queens Boulevard in Rego Park, Queens.
The deal closed on June 14, 2023 and was recorded on June 23, 2023. The property has 29,120 square feet of built space and 12,429 square feet of additional air rights for a total buildable of 41,510 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $137 and the price per buildable square foot is $96 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 P.C. Richard & Son was Cathyann Winter. The signatory for Michael Zavoluno was Michael Zavoluno.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Michael Zavoluno had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller P.C. Richard & Son had not purchased any other properties over the same time period. The 29,120-square-foot property generated revenue of $980,652 or $34 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building in Rego Park has 29,120 square feet of built space and 12,429 square feet of additional air rights for a total buildable of 41,510 square feet according to a PincusCo analysis of city data. The parcel has frontage of 60 feet and is 200 feet deep with a total lot size of 12,067 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4.6 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 Rego Park, The majority, or 65 percent of the 10.6 million square feet of commercial built space are elevator buildings, with mixed-use buildings next occupying 13 percent of the space. In sales, Rego Park has had very little sales volume relative to other neighborhoods with $146.4 million in sales volume in the last two years. For development, Rego Park has had very little major development activity relative to other neighborhoods.It had 461,499 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

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

The majority, or 96 percent of the 95,168 square feet of built space are mixed-use buildings, with retail buildings next occupying 4 percent of the space.

Direct link to Acris document. link