New Horizon Counseling Center pays $3.8M for mixed-use in Far Rockaway

New Horizon Counseling Center paid $3.8 million to Joseph Tornheim through the entity 694 Beach 20th Realty LLC for the two-unit mixed-use building (S2) at 6-94 Beach 20th Street in Far Rockaway, Queens.
The deal closed on January 5, 2023 and was recorded on January 17, 2023. The property has 4,275 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $877 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 Joseph Tornheim was Amir Kornblum. The signatory for New Horizon Counseling Center was Gary Goldstein.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer New Horizon Counseling Center had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Joseph Tornheim had not purchased any other properties and had not sold any properties over the same time period.

The property

The 6-94 Beach 20th Street parcel has frontage of 19 feet and is 109 feet deep with a total lot size of 2,250 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $621,000.

Violations and lawsuits

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

The neighborhood

In Far Rockaway, the majority, or 63 percent of the 12 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 19 percent of the space. In sales, Far Rockaway has had very little sales volume relative to other neighborhoods with $98.5 million in sales volume in the last two years. For development, Far Rockaway is the 6th most active neighborhood among other neighborhoods. It had 5.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 45 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 14 commercial properties representing 3,485 square feet of the 117,153 square feet. The identified owner is Brisa Builders.
On the tax block, there was one new building construction project filed totaling 53,496 square feet. It is a 92-unit, 53,496-square-foot R-2 building developed by Ericka Keller with plans filed April 2, 2020 and it has not been permitted yet.

The majority, or 35 percent of the 102,085 square feet of built space are industrial buildings, with specialty buildings next occupying 27 percent of the space.

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