NYC School Construction Authority pays $24M for three properties in Jamaica

The New York City School Construction Authority paid $24 million to Bernard F. Dowd Inc. for the office building at 165-15 88th Avenue in Jamaica, Queens, office building at 165-18 Hillside Avenue in Jamaica, Queens, and an industrial building at 165-16 Hillside Avenue in Jamaica, Queens.
The deal closed on January 12, 2022 and was recorded on January 24, 2022.
The three properties have 32,310 square feet of built space and 161,634 square feet of additional air rights for a total buildable of 193,975 square feet according to PincusCo analysis of city data. The sale price per built square foot is $742 and the price per buildable square foot is $123 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 Bernard F. Dowd Inc. was Tracy Dowd. The signatory for NYC School Construction Authority was Nina Kubota.
Prior to this transaction, the buyer NYC School Construction Authority purchased six other properties for a total of $165.5 million and had not sold any properties over the past 24 months.
The seller Bernard F. Dowd Inc. had not purchased any other properties and had not sold any properties over the same time period.
Out of the three properties, two with a total of 32,310 square feet of built space generated revenue of $1.1 million per year.

There has been one demolition project filed for the parcels over the past five years.
The contract was signed March 18, 2020. Nina Kubota is president and CEO of the NYC School Construction Authority.

In Jamaica, the bulk, or 33 percent of the 46.7 million square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 20 percent of the space. In sales, Jamaica has had very little sales volume relative to other neighborhoods with $164 million in sales volume in the last two years. 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 3.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.
On the tax block, the majority, or 100 percent of the 32,310 square feet of built space are office buildings.
Within a 400-foot radius of 165-15 88th Avenue, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, one was in new building development. It was a new building permit application filed on January 21, 2022 for a 12,965-square-foot R-2 building with 20 residential units at 166-16 88th Avenue.
Of those eight items, two were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $283,550 and one permit with a total initial cost of $304,000. The most recent of these two items was the permit on June 2, 2021 for a 2,602-square-foot B building with 0 residential units at 165-23 Hillside Avenue.
One of those eight items was a sale which Ridwan Kabir bought the industrial (G7) on 87-81 Merrick Boulevard and two other properties for $9.7 million from Maria Sinanis and Paul Sinanis on November 5, 2021.
Of those eight items, four were loans above $5 million totaling $72.6 million. The most recent of the four was Kaushik M. Patel and Chandresh Patel which borrowed $6.2 million from Woori America Bank secured by the 31,700-square-foot, one-unit hotel (H4) on 164-40 Hillside Avenue on October 29, 2021.

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