Namdar, Klosed pay $3.4M for two properties in Ridgewood

Namdar Realty Group and Klosed Properties through the entity 402-404 Onderdonk Bh LLC paid $3.4 million to Miliha Cobaj through the entity Cobaj, Miliha for six-unit mixed-use building at 402 Onderdonk Avenue in Ridgewood, Queens and midblock six-unit residential walkup building at 404 Onderdonk Avenue in Ridgewood, Queens.
The deal closed on June 9, 2022 and was recorded on June 29, 2022. The two properties have 9,300 square feet of built space and 700 square feet of additional air rights for a total buildable of 10,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $365 and the price per buildable square foot is $340 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 Miliha Cobaj was Miliha Cobaj. The signatory for Namdar Realty Group and Klosed Properties was Igal Namdar and Steven Kashanian.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 402 Onderdonk Avenue.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Namdar Realty Group purchased 14 properties in 11 transactions for a total of $169.7 million and has no record it sold any properties over the past 24 months.
The seller Miliha Cobaj had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Miliha Cobaj, individual owner. The two properties with a total of 9,300 square feet of built space generated revenue of $194,928 per year or $21 per square foot. The sale price per square foot was $366.

The property

The 402 Onderdonk Avenue parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. 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 $768,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. 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 $5 million on this tax lot.

The neighborhood

In Ridgewood, the bulk, or 39 percent of the 33.3 million square feet of commercial built space are 1-4 family buildings, with residential walkup buildings next occupying 23 percent of the space. In sales, Ridgewood has had very little sales volume relative to other neighborhoods with $107.5 million in sales volume in the last two years. For development, Ridgewood has had very little major development activity relative to other neighborhoods.It had 253,953 square feet of commercial and multi-family construction under development in the last two years, which represents 0.76 percent of the neighborhood’s built space. There were three pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On the tax block of 402 Onderdonk Avenue, PincusCo has identified the owners of one of the 12 commercial properties representing 4,650 square feet of the 25,775 square feet. The identified owner is Januz Cobaj. There are no active new building construction projects on this tax block.

The majority, or 59 percent of the 68,697 square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 20 percent of the space.

The buyer

The PincusCo database currently indicates that Namdar Realty Group owned at least 56 commercial properties with 935,441 square feet and a city-determined market value of $174.1 million. (Market value is typically about 50% of actual value.) The portfolio has $150.6 million in debt, with top three lenders as Benefit Street Partners, Signature Bank, and Ladder Capital respectively. Within the portfolio, the bulk, or 32 percent of the 935,441 square feet of built space are walkup properties, with office properties next occupying 20 percent of the space. The bulk, or 58 percent of the built space, is in Manhattan, with Bronx next at 24 percent of the space.
The PincusCo database currently indicates that Klosed Properties owned at least 47 commercial properties with 557,814 square feet and a city-determined market value of $85 million. (Market value is typically about 50% of actual value.) The portfolio has $5.4 million in debt, borrowed from New York Community Bank. Within the portfolio, the bulk, or 45 percent of the 557,814 square feet of built space are walkup properties, with industrial properties next occupying 20 percent of the space. The bulk, or 40 percent of the built space, is in Bronx, with Manhattan next at 31 percent of the space.

Surrounding

Within a 400-foot radius of 402 Onderdonk Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a permit application filed on June 10, 2021 for the $420,000 renovation of 6,249-square-foot R-2 building with four residential units at 415 Onderdonk Avenue.

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