Peak Capital Advisors pays $2.1M for residential walkup in Woodside

Peak Capital Advisors through the entity 5311 Owner LLC paid $2.1 million to Julie Hon through the entity Hon, Julie for the midblock six-unit residential walkup building at 5311 Skillman Avenue in Woodside, Queens.
The deal closed on April 19, 2022 and was recorded on May 4, 2022. The property has 5,208 square feet of built space and 217 square feet of additional air rights for a total buildable of 5,434 square feet according to PincusCo analysis of city data. The sale price per built square foot is $403 and the price per buildable square foot is $386 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 Julie Hon was Julie Hon. The signatory for Peak Capital Advisors was Alex Rabin.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Peak Capital Advisors purchased nine properties in eight transactions for a total of $42.2 million and has no record it sold any properties over the past 24 months.
The seller Julie Hon had not purchased any other properties and had not sold any properties over the same time period. The 5,208-square-foot property generated revenue of $102,650 or $20 per square foot, according to the most recent income and expense figures.

The property

The 5311 Skillman Avenue parcel has frontage of 27 feet and is 100 feet deep with a total lot size of 2,717 square feet. The zoning is R5D which allows for up to 2 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $924,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The neighborhood

In Woodside, the bulk, or 29 percent of the 22.8 million square feet of commercial built space are 1-4 family buildings, with residential elevator buildings next occupying 28 percent of the space. In sales, Woodside has had very little sales volume relative to other neighborhoods with $143.7 million in sales volume in the last two years. For development, Woodside has had very little major development activity relative to other neighborhoods.It had 585,240 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.

The block

On this tax block, PincusCo has identified the owners of seven of the 24 commercial properties representing 35,976 square feet of the 125,211 square feet. The largest owner is George Newshan, followed by Shu Yin Wu and then Nimesh Rana. There are no active new building construction projects on this tax block.

The majority, or 87 percent of the 982,478 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 13 percent of the space.

The buyer

The PincusCo database currently indicates that Peak Capital Advisors owned at least 10 commercial properties with 93,381 square feet and a city-determined market value of $27.2 million. (Market value is typically about 50% of actual value.) The portfolio has $30.1 million in debt, with top three lenders as Walker & Dunlop, Patriot Bank, and IberiaBank respectively. Within the portfolio, the bulk, or 87 percent of the 93,381 square feet of built space are residential walkup properties, with mixed-use properties next occupying 13 percent of the space. The bulk, or 60 percent of the built space, is in Brooklyn, with Manhattan next at 27 percent of the space.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 5311 Skillman Avenue that occurred over the past 24 months.

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