Platinum Realty Associates pays $2.4M for retail in Cambria Heights

Platinum Realty Associates through the entity 227-01 Linden LLC paid $2.4 million to Anastasia Soula through the entity Dora Realty Associates, LLC for the retail building (K1) at 227-01 Linden Boulevard in Cambria Heights, Queens.
The deal closed on August 18, 2023 and was recorded on September 6, 2023. The property has 14,155 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $169 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 Anastasia Soula was Anastasia Soula. The signatory for Platinum Realty Associates was Peter Young. The contract date was June 28, 2023. David Koptiev of Platinum Realty Associates signed for the loan, and the buyer entity was in care of Platinum’s address and suite number.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Platinum Realty Associates purchased five properties in five transactions for a total of $23.6 million and sold three properties in three transactions for a total of $16.4 million over the past 24 months.
The seller Anastasia Soula had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building in Cambria Heights has 14,155 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 120 feet and is 81 feet deep with a total lot size of 11,159 square feet. The lot is irregular. The zoning is R2A 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 $1.4 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 $50 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 Cambria Heights, The bulk, or 43 percent of the 710,922 square feet of commercial built space are specialty buildings, with retail buildings next occupying 25 percent of the space. In sales, Cambria Heights has the 41st highest sale turnover among other neighborhoods in Queens with $24.4 million in sales volume in the last two years. For development, Cambria Heights has had very little major development activity relative to other neighborhoods.It had 9,372 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

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

The majority, or 100 percent of the 14,155 square feet of built space are mixed-use buildings.

The buyer

The PincusCo database currently indicates that Platinum Realty Associates owned at least 79 commercial properties with 42 residential units in New York City with 597,541 square feet and a city-determined market value of $104.2 million. (Market value is typically about 50% of actual value.) The portfolio has $43.8 million in debt, borrowed from Signature Bank and First National Bank of Long Island. Within the portfolio, the bulk, or 55 percent of the 597,541 square feet of built space are retail properties, with office properties next occupying 29 percent of the space. The bulk, or 72 percent of the built space, is in Queens, with Brooklyn next at 25 percent of the space.

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