Partners Path pays $3.4M for six-unit walkup in Ridgewood

Partners Path through the entity 1709 Madison Owner LLC paid $3.4 million to Michael Pacifico through the entity Flats On Madison, LLC for the six-unit walkup building (C2) at 1709 Madison Street in Ridgewood, Queens.
The deal closed on September 28, 2023 and was recorded on October 13, 2023. The property has 5,600 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $607 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 March 15, 2018, for $2 million. The signatory for Michael Pacifico was Michael Pacifico. The signatory for Partners Path was Alex Lebowitz. The contract date was June 28, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Partners Path purchased seven properties in seven transactions for a total of $21.8 million and sold one property in one transaction for a total of $3.6 million over the past 24 months.
The seller Michael Pacifico had not purchased any other properties and sold one property in one transaction for a total of $1.8 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Michael Pacifico, head officer. The business entity is Flats On Madison LLC.

The property

The residential walkup building with 6 residential units in Ridgewood has 5,600 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 27 feet and is 100 feet deep with a total lot size of 2,742 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 $665,000.

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 received $380 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 block

On this tax block, PincusCo has identified the owners of 13 of the 35 commercial properties representing 70,175 square feet of the 180,860 square feet. The largest owner is Vita Vaccaro-Casey, followed by Robert Tornello and then Ram Khanna.
There are no active new building construction projects on this tax block.

The majority, or 79 percent of the 180,860 square feet of built space are walkup buildings, with mixed-use buildings next occupying 19 percent of the space.

The seller

The PincusCo database currently indicates that Michael Pacifico owned at least one commercial property with six residential units in New York City with 5,600 square feet and a city-determined market value of $665,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Queens.

The buyer

The PincusCo database currently indicates that Partners Path owned at least 10 commercial properties with 59 residential units in New York City with 52,202 square feet and a city-determined market value of $12.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 60 percent of the 52,202 square feet of built space are walkup properties, with mixed-use properties next occupying 40 percent of the space. The bulk, or 81 percent of the built space, is in Brooklyn, with Queens next at 19 percent of the space.

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