Oiring Group pays $1.4M for mixed-use in Rockaway Park

Oiring Group through the entity 112-22 Rockaway Beach LLC paid $1.4 million to Noah Smith through the entity Mojo Hotel, Inc. for the five-unit mixed-use building (S5) at 112-22 Rockaway Beach Boulevard in Rockaway Park, Queens.
The deal closed on May 22, 2023 and was recorded on June 9, 2023. The property has 6,700 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $208 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 Noah Smith was Min Liu Miller. The signatory for Oiring Group was Morris Oiring.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Oiring Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Noah Smith had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Noah Smith, head officer and Min Miller, shareholder. The business entity is Mojo Hotel Inc. The 6,700-square-foot property generated revenue of $122,208 or $18 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 5 residential units in Rockaway Park has 6,700 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 121 feet deep with a total lot size of 4,879 square feet. The zoning is R5B which allows for up to 1.35 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $765,000.

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 Rockaway Park, The bulk, or 39 percent of the 1.6 million square feet of commercial built space are specialty buildings, with walkup buildings next occupying 18 percent of the space. In sales, Rockaway Park has the 56th highest sale turnover among other neighborhoods in Queens with $5.6 million in sales volume in the last two years. For development, Rockaway Park has had very little major development activity relative to other neighborhoods.It had 298,010 square feet of commercial and multi-family construction under development in the last two years, which represents 19 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 59 commercial properties representing 7,340 square feet of the 256,898 square feet. The two identified owners are Harpal Randhawa and Gty-Cpg(Qns/Bx)Leasi.
On the tax block, there were two new building construction projects totaling 31,695 square feet. The largest is a 27-unit, 30,348 square-foot residential (R-2) building submitted by Laquila Group and filed by Dino Tomasetti with plans filed July 31, 2015 and permitted December 23, 2015. The second largest is a two-unit, 1,347 square-foot residential (R-3) building submitted by Jorge Luaces with plans filed March 13, 2017 and it has not been permitted yet.

The majority, or 49 percent of the 256,898 square feet of built space are retail buildings, with mixed-use buildings next occupying 22 percent of the space.

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