MUNA Center of New York pays $4.6M for industrial in Ozone Park
MUNA Center of New York paid $4.6 million through an estate sale to the heirs of Adam George Ottavino through the entity Pitkin Avenue Realty Management LLC for the industrial building (F9) at 81-36 Pitkin Avenue in Ozone Park, Queens. The expected use is owner-occupied as a mosque.
The deal closed on January 16, 2025 and was recorded on February 19, 2025. The two properties have 20,440 square feet of built space and 6,190 square feet of additional air rights for a total buildable of 26,625 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $225 and the price per buildable square foot is $172 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 Adam George Ottavino was Kate A. Ottavino Parker. The contract date was September 30, 2024. The sellers are heirs of Adam George Ottavino, who died in 2002.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer MUNA Center of New York had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Adam George Ottavino had not purchased any other properties and had not sold any properties over the same time period. Out of the two properties, one with a total of 20,440 square feet of built space generated revenue of $757,051 per year.
The property
The industrial building in Ozone Park has 20,440 square feet of built space and 6,190 square feet of additional air rights for a total buildable of 26,625 square feet according to a PincusCo analysis of city data. The parcel has frontage of 178 feet and is 280 feet deep with a total lot size of 30,500 square feet. The lot is irregular. The zoning is R4 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.6 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have 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 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 had very little sales volume relative to other neighborhoods with $79.7 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 123,264 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.
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