Partners Path pays $3.3M for mixed-use in Ridgewood

Partners Path through the entity 1711 Grove Owner LLC paid $3.3 million to Sinai Sassouni through the entity 1711 Grove Partners LLC for the five-unit mixed-use building (S5) at 1711 Grove Street in Ridgewood, Queens.
The deal closed on May 4, 2023 and was recorded on May 23, 2023. The property has 4,900 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $673 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 October 22, 2021, for $1.6 million. The signatory for Sinai Sassouni was Sinai Sassouni. The signatory for Partners Path was Michael Kalt.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Partners Path purchased six properties in six transactions for a total of $18.5 million and has no record it sold any properties over the past 24 months.
The seller Sinai Sassouni purchased one property in one transaction for a total of $2.9 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Sinai Sassouni, head officer and Hemda Sassouni, officer. The business entity is 1711 Grove Partners Llc. The 4,900-square-foot property generated revenue of $101,234 or $21 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 5 residential units in Ridgewood has 4,900 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 21 feet and is 100 feet deep with a total lot size of 2,166 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1 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 received one DOB violation and $1,250 in OATH penalties 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 Ridgewood, The bulk, or 38 percent of the 20 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 29 percent of the space. In sales, Ridgewood has near average sales volume among other neighborhoods with $311.9 million in sales volume in the last two years and is the 6th highest in Queens. For development, Ridgewood has had very little major development activity relative to other neighborhoods.It had 505,842 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. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of one of the 11 commercial properties representing 4,875 square feet of the 45,911 square feet. The identified owner is Craig Montalbano.
There are no active new building construction projects on this tax block.

The majority, or 73 percent of the 45,911 square feet of built space are mixed-use buildings, with walkup buildings next occupying 20 percent of the space.

The seller

The PincusCo database currently indicates that Sinai Sassouni owned at least one commercial property with eight residential units in New York City with 7,785 square feet and a city-determined market value of $1.7 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Partners Path owned at least nine commercial properties with 54 residential units in New York City with 47,302 square feet and a city-determined market value of $11.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 66 percent of the 47,302 square feet of built space are walkup properties, with mixed-use properties next occupying 34 percent of the space. The bulk, or 89 percent of the built space, is in Brooklyn, with Queens next at 11 percent of the space.

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