Neil Rabe pays $6.8M to Polizzotto Family for retail building in Ozone Park

Neil Rabe through the entity Ozone Park Rockaway Boulevard, LLC paid $6.8 million to Polizzotto Family through the entity The Polizzotto Family Limited Partnership for the retail building at 94-11 Rockaway Boulevard in Ozone Park, Queens.
The deal closed on January 24, 2022 and was recorded on February 9, 2022.
The property has 20,540 square feet of built space and 23,282 square feet of additional air rights for a total buildable of 43,930 square feet according to PincusCo analysis of city data. The sale price per built square foot is $333 and the price per buildable square foot is $155 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 Polizzotto Family was Alfred J. Polizzotto. The signatory for Neil Rabe was Neil Rabe.

The 20,540-square-foot property generated revenue of $574,348 or $28 per square foot, according to the most recent income and expense figures.

One of the projects were to change the building from a F-1A to a B.
In Ozone Park, the majority, or 69 percent of the 18.4 million square feet of built space are 1-4 family buildings, with specialty buildings next occupying 8 percent of the space. In sales, Ozone Park has the 20th highest sale turnover among other neighborhoods in Queens with $46.3 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 73,580 square feet of commercial and multi-family construction under development in the last two years, which represents 0.40 percent of the neighborhood’s built space.
On the tax block, the majority, or 65 percent of the 92,562 square feet of built space are 1-4 family buildings, with retail buildings next occupying 22 percent of the space.

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