Pinches Abowitz pays $5.8M for three properties in Far Rockaway

Pinches Abowitz through the entity 1821 Cornaga LLC paid $5.8 million to Mark Weiss through the entity Morse Realty LLC for the specialty building (I5) at 18-21 Cornaga Avenue in Far Rockaway, Queens, retail building (K1) at 18-27 Cornaga Avenue in Far Rockaway, Queens, and industrial building (G7) at Morse Court in Far Rockaway, Queens.
The deal closed on March 25, 2025 and was recorded on April 3, 2025. The three properties have 10,720 square feet of built space and 37,725 square feet of additional air rights for a total buildable of 48,431 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $545 and the price per buildable square foot is $120 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 Mark Weiss was Mark Weiss. The signatory for Pinches Abowitz was Pinches Abowitz. The contract date was December 6, 2024.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 18-21 Cornaga Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Pinches Abowitz purchased two properties in two transactions for a total of $9.2 million and has no record it sold any properties over the past 24 months.
The seller Mark Weiss purchased one property in one transaction for a total of $4.6 million and had not sold any properties over the same time period. Out of the three properties, one with a total of 10,720 square feet of built space generated revenue of $90,156 per year.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have 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 Far Rockaway, The majority, or 65 percent of the 12.8 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 18 percent of the space. In sales, Far Rockaway has the 26th highest sale turnover among other neighborhoods in Queens with $51.6 million in sales volume in the last two years. For development, Far Rockaway has 1.4 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 1.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space.

The block

On the tax block of 18-21 Cornaga Avenue, PincusCo has identified the owners of four of the 16 commercial properties representing 263,998 square feet of the 298,971 square feet. The two identified owners are Related Companies and Bawa Nand Mallick.
On the tax block, there was one new building construction project filed totaling 133,165 square feet. It is a 149-unit, 133,165 square-foot residential (R-2) building submitted by Related Companies and filed by Jamar Adams with plans filed August 12, 2019 and it has not been permitted yet.

The majority, or 88 percent of the 298,971 square feet of built space are elevator buildings, with specialty buildings next occupying 3 percent of the space.

The seller

The PincusCo database currently indicates that Mark Weiss owned at least three commercial properties in New York City with 33,759 square feet and a city-determined market value of $5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 64 percent of the 33,759 square feet of built space are mixed-use properties, with retail properties next occupying 36 percent of the space. The bulk, or 64 percent of the built space, is in Queens, with Brooklyn next at 36 percent of the space.

The buyer

The PincusCo database currently indicates that Pinches Abowitz owned at least eight commercial properties with 197 residential units in New York City with 27,909 square feet and a city-determined market value of $5.6 million. (Market value is typically about 50% of actual value.) The portfolio has $58.5 million in debt, with top three lenders as S3 Capital, Popular Bank, and Webster Bank respectively. Within the portfolio, the bulk, or 49 percent of the 27,909 square feet of built space are retail properties, with mixed-use properties next occupying 47 percent of the space. The bulk, or 49 percent of the built space, is in Brooklyn, with Queens next at 47 percent of the space.

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