Radojica Katnic pays $2.7M for industrial in Ridgewood

Radojica Katnic through the entity 63-49 60th Place Ridgewood LLC paid $2.7 million to Adriana Roman through the entity D.A.E. Realty, LLC for the industrial building (F9) at 63-49 60th Place in Ridgewood, Queens.
The deal closed on May 22, 2024 and was recorded on June 17, 2024. The property has 9,000 square feet of built space and 6,611 square feet of additional air rights for a total buildable of 15,658 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $301 and the price per buildable square foot is $173 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 Adriana Roman was Adriana Roman. The signatory for Radojica Katnic was Radojica Katnic. The contract date was March 12, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Radojica Katnic had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Adriana Roman had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Ridgewood has 9,000 square feet of built space and 6,611 square feet of additional air rights for a total buildable of 15,658 square feet according to a PincusCo analysis of city data. The parcel has frontage of 74 feet and is 157 feet deep with a total lot size of 11,599 square feet. The zoning is R5B which allows for up to 1.35 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $505,000.

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 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 Ridgewood, The bulk, or 38 percent of the 20 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 29 percent of the space. In sales, Ridgewood has near average sales volume among other neighborhoods with $304.3 million in sales volume in the last two years and is the 5th highest in Queens. For development, Ridgewood has had very little major development activity relative to other neighborhoods.It had 417,882 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On the tax block, there were four new building construction projects totaling 16,740 square feet. The largest is a three-unit, 6,017 square-foot residential (R-2) building submitted by Sheng Liu with plans filed February 25, 2022 and it has not been permitted yet. The second largest is a three-unit, 6,017 square-foot residential (R-3) building submitted by Sheng Liu with plans filed February 25, 2022 and it has not been permitted yet.

All properties are industrial.

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