Monarch Realty pays $6.8M to Madison Realty Capital for school in Laurelton

Monarch Realty Holdings through the entity 134-35 Springfield Commercial LLC paid $6.8 million to Madison Realty Capital through the entity Sdf67 Springfield Blvd Owner LLC for school building at 134-35 Springfield Boulevard in Laurelton, Queens. Madison Realty leased the school building to a public school in December 2019.
The deal closed on December 20, 2021 and was recorded on January 7, 2022.
The property has 18,522 square feet of built space and 21,400 square feet of additional air rights for a total buildable of 40,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $367 and the price per buildable square foot is $170 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 January 28, 2016, for $5 million.
The signatory for Madison Realty Capital was David Speiser. The signatory for Monarch Realty Holdings was Nilesh S. Shah.
Prior to this transaction, the buyer Monarch Realty Holdings had not purchased any other properties and had not sold any properties over the past 24 months.
The seller Madison Realty Capital purchased 20 other properties for $218.7 million and sold four properties in four transactions for a total of $143.3 million over the same time period.
The 18,522-square-foot property generated revenue of $493,129 or $27 per square foot, according to the most recent income and expense figures.

(401127179)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building on September 30, 2019. (401127179) Plans for a 0-unit, 0 square-foot E were filed on August 3, 2000 and were permitted on July 26, 2001.
Nilesh S. Shah is a controller at Monarch Realty Holdings. https://www.linkedin.com/in/neil-shah-a30890110
In Laurelton, the majority, or 84 percent of the 10.7 million square feet of built space are 1-4 family buildings, with specialty buildings next occupying 5 percent of the space. In sales, Laurelton has the 38th highest sale turnover among other neighborhoods in Queens with $19.8 million in sales volume in the last two years. For development, Laurelton has had very little major development activity relative to other neighborhoods. It had 94,560 square feet of commercial construction under development in the last two years, which represents 0.88 percent of the neighborhood’s built space.
On the tax block, the majority, or 67 percent of the 76,751 square feet of built space are 1-4 family buildings, with commercial buildings next occupying 24 percent of the space. There have been one new construction projects filed or permitted on the block in the last two years. The largest was for a 3436.0-square foot A-2 building, filed on September 21, 2020. There was one new construction project filed on the block for a 3436.0-square foot A-2 building, filed on September 21, 2020.

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