Nursing home investor Pasquale DeBenedictis pays $5.4M for mixed-use in Sunnyside

Nursing home investor Pasquale DeBenedictis, a principal with Cassena Care, through the entity Queens Blvd Woodside Acquisition II LLC paid $5.4 million to Teachers Federal Credit Union for the mixed-use building (K7) at 50-24 Queens Boulevard in Sunnyside, Queens. The expected use is cash flowing.
The deal closed on August 23, 2024 and was recorded on September 5, 2024. The property has 16,703 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $323 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 seller bought the property on August 29, 2019, for $5.5 million. The signatory for Teachers Federal Credit Union was Brad C. Calhoun. The signatory for Pasquale DeBenedictis was Pasquale DeBenedictis. The contract date was July 10, 2024. The buyer is at the address of Cassena Care, a nursing and rehabilitation company. https://cassenacare.com/

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Pasquale DeBenedictis purchased four properties in four transactions for a total of $43.1 million and has no record it sold any properties over the past 24 months.
The seller Teachers Federal Credit Union had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building in Sunnyside has 16,703 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 121 feet and is 101 feet deep with a total lot size of 12,221 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $2.9 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. 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 $1 million on this tax lot.

The neighborhood

In Sunnyside, The bulk, or 32 percent of the 16 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Sunnyside has had very little sales volume relative to other neighborhoods with $141.7 million in sales volume in the last two years. For development, Sunnyside has had very little major development activity relative to other neighborhoods.It had 523,931 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 11 commercial properties representing 14,300 square feet of the 138,995 square feet. The identified owner is Benedetto Giambrone Jr..
On the tax block, there was one new building construction project filed totaling 34,141 square feet. It is a 34,141 square-foot storage (S-1) building submitted by Cayre Equities and filed by James Coakley with plans filed October 23, 2015 and it has not been permitted yet.

The majority, or 79 percent of the 138,995 square feet of built space are industrial buildings, with mixed-use buildings next occupying 12 percent of the space.

The buyer

The PincusCo database currently indicates that Pasquale Debenedictis owned at least nine commercial properties with five residential units in New York City with 188,350 square feet and a city-determined market value of $47.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 86 percent of the 188,350 square feet of built space are specialty properties, with industrial properties next occupying 7 percent of the space. The bulk, or 63 percent of the built space, is in Queens, with Manhattan next at 37 percent of the space.

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