Rafael Rodriguez, Jose Checo pay $4.3M to Peter Pellegrini for mixed-use in Ridgewood, expand holdings

Rafael A. Rodriguez, Jose Checo, and Javier A. Checo Rivas through the entity Jrj 66-86 Realty LLC paid $4.3 million to Peter Pellegrini through the entity 6686 Realty Corp. for four-unit mixed-use, corner building (K4) at 6686-6690 Fresh Pond Road in Ridgewood, Queens. The buyers now control four adjacent properties on the retail stretch, but they do not own the far corner, according to city records.
To finance the deal, the buyers signed an acquisition loan with lender Bank of Hope valued at $6.2 million covering all four properties, 66-80 to 66-90 Fresh Pond Road.
The new sale deal closed on October 28, 2022 and was recorded on November 15, 2022. The property has 9,334 square feet of built space and 5,023 square feet of additional air rights for a total buildable of 14,354 square feet according to PincusCo analysis of city data. The sale price per built square foot is $460 and the price per buildable square foot is $299 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 Peter Pellegrini was Peter Pellegrini. The signatory for Rafael A. Rodriguez, Jose Checo, and Javier A. Checo Rivas was Rafael A. Rodriguez.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Rafael A. Rodriguez had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Peter Pellegrini had not purchased any other properties and had not sold any properties over the same time period. The 9,334-square-foot property generated revenue of $256,405 or $27 per square foot, according to the most recent income and expense figures.

The property

The 6686-6690 Fresh Pond Road parcel has frontage of 64 feet and is 112 feet deep with a total lot size of 7,177 square feet. The lot is irregular. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. 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 since September of 2020. In addition, according to city public data, the property has received $350 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on June 28, 2022. 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 Ridgewood, the bulk, or 38 percent of the 19.9 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 28 percent of the space. In sales, Ridgewood has had very little sales volume relative to other neighborhoods with $237.3 million in sales volume in the last two years. For development, Ridgewood has had very little major development activity relative to other neighborhoods.It had 457,452 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. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

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

The majority, or 96 percent of the 36,587 square feet of built space are mixed-use buildings, with industrial buildings next occupying 4 percent of the space.

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