Pillar Property pays $3.5M to Rockwood Park Jewish Center for specialty in Howard Beach

Pillar Property Management through the entity 156-45 84 Street LLC paid $3.5 million to Rockwood Park Jewish Center for specialty building (M1) at 156-45 84th Street in Howard Beach, Queens.
The deal closed on September 1, 2022 and was recorded on September 8, 2022. The property has 27,380 square feet of built space and 1,754 square feet of additional air rights for a total buildable of 29,241 square feet according to PincusCo analysis of city data. The sale price per built square foot is $127 and the price per buildable square foot is $119 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 Rockwood Park Jewish Center was Harold Rosenbaum. The signatory for Pillar Property Management was Kiumarz Geula.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Pillar Property Management had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Rockwood Park Jewish Center had not purchased any other properties and had not sold any properties over the same time period.

The property

The 156-45 84th Street parcel has frontage of 249 feet and is 200 feet deep with a total lot size of 58,483 square feet. The lot is irregular. The zoning is R2 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $7.8 million.

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 received one DOB violation in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on May 13, 2020. 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 Howard Beach, the bulk, or 45 percent of the 476,620 square feet of commercial built space are mixed-use buildings, with retail buildings next occupying 32 percent of the space. In sales, Howard Beach has not had any sales in the last two years. For development, Howard Beach has not had any major developments in the last two years.

The block

There are no active new building construction projects on this tax block.

The buyer

The PincusCo database currently indicates that Pillar Property Management owned at least three commercial properties in New York City with 130,810 square feet and a city-determined market value of $8.7 million. (Market value is typically about 50% of actual value.) The portfolio has $64.1 million in debt, with top three lenders as Dime Community Bank, Bank of America, and Bank of Hope respectively. Within the portfolio, the bulk, or 59 percent of the 130,810 square feet of built space are office properties, with specialty properties next occupying 41 percent of the space. The bulk, or 59 percent of the built space, is in Queens, with Bronx next at 41 percent of the space.

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