NYC schools pay $11M for development site in Bay Terrace

NYC School Construction Authority paid $11 million to Samar Hospitality and Metropolitan Property Services through the entity Life Travelers LLC for development site adjacent to 23-50 Waters Edge Drive in Bay Terrace, Queens.
The deal closed on January 26, 2022 and was recorded on February 8, 2022.
The property has 0 square feet of built space and 55,315 square feet of additional air rights for a total buildable of 55,315 square feet according to PincusCo analysis of city data. The sale price per built square foot is $N/A and the price per buildable square foot is $198 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 Samar Hospitality and Metropolitan Property Services was Marlene Mindel, Rhona M. Bork, and Davida Bork. The signatory for NYC School Construction Authority was Nina Kubota.
Prior to this transaction, the buyer NYC School Construction Authority purchased nine properties in seven transactions for a total of $188.2 million and had not sold any properties over the past 24 months.
The seller Samar Hospitality had not purchased any other properties and had not sold any properties over the same time period.

In Bay Terrace, the bulk, or 45 percent of the 7.9 million square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 36 percent of the space. In sales, Bay Terrace has not had any sales in the last two years. For development, Bay Terrace has not had any major developments in the last two years.
On the tax block, the majority, or 79 percent of the 580,425 square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 17 percent of the space.
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