Nonprofit Transitional Services pays $8.1M for two properties in Jamaica
The nonprofit Transitional Services for New York through the entity Building Archer Avenue DD Housing Development Fund paid $8.1 million to Jeff Gruebel through the entity 92-18 149th Street Realty Corp. for the mixed-use building (K2) at 148-15 Archer Avenue in Jamaica, Queens and industrial building (E1) at 92-18 149th Street in Jamaica, Queens.
The deal closed on May 9, 2023 and was recorded on May 18, 2023. The two properties have 15,708 square feet of built space and 61,800 square feet of additional air rights for a total buildable of 77,501 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $513 and the price per buildable square foot is $104 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 Jeff Gruebel was Jeff Gruebel. The signatory for Transitional Services for New York was Larry S. Grubler.
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 148-15 Archer Avenue.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Transitional Services for New York had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jeff Gruebel had not purchased any other properties and had not sold any properties over the same time period. The two properties with a total of 15,708 square feet of built space generated revenue of $331,569 per year or $21 per square foot. The sale price per square foot was $513.
The property
The mixed-use building in Jamaica has 15,708 square feet of built space and 61,800 square feet of additional air rights for a total buildable of 77,501 square feet according to a PincusCo analysis of city data. The parcel has frontage of 89 feet and is 66 feet deep with a total lot size of 6,347 square feet. The lot is irregular. The zoning is C6-3 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 7.52 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.1 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 Jamaica, The bulk, or 34 percent of the 29.2 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 14 percent of the space. In sales, Jamaica has near average sales volume among other neighborhoods with $330.4 million in sales volume in the last two years and is the 5th highest in Queens. For development, Jamaica has 3.7 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Queens. It had 3.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.
The block
On the tax block of 148-15 Archer Avenue, PincusCo has identified the owners of one of the six commercial properties representing 17,300 square feet of the 74,808 square feet. The identified owner is Alex Lau.
There are no active new building construction projects on this tax block.
The majority, or 49 percent of the 74,808 square feet of built space are retail buildings, with industrial buildings next occupying 35 percent of the space.
The buyer
The PincusCo database currently indicates that Transitional Services For New York owned at least two commercial properties with six residential units in New York City with 5,916 square feet and a city-determined market value of $1.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are C0 properties. They are all located in Bronx.
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