RBM Holdings pays $1.8M for retail in Forest Hills

RBM Holdings through the entity 9831 Metropolitan LLC paid $1.8 million to Roberto Chiappelloni through the entity 98-31 Realty LLC for the retail building (K1) at 98-31 Metropolitan Avenue in Forest Hills, Queens.
The deal closed on March 15, 2023 and was recorded on April 6, 2023. The property has 2,250 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $800 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 Roberto Chiappelloni was Roberto Chiappelloni. The signatory for RBM Holdings was Benjamin Sadykov. Ben Sadykov is a member of RBM Holdings.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer RBM Holdings had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Roberto Chiappelloni had not purchased any other properties and had not sold any properties over the same time period. The 2,250-square-foot property generated revenue of $148,163 or $66 per square foot, according to the most recent income and expense figures.

The property

The retail building in Forest Hills has 2,250 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 101 feet deep with a total lot size of 2,606 square feet. The lot is irregular. The zoning is R3-2 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 $806,000.

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 Forest Hills, The majority, or 61 percent of the 14.7 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 12 percent of the space. In sales, Forest Hills has had very little sales volume relative to other neighborhoods with $155.8 million in sales volume in the last two years. For development, Forest Hills has had very little major development activity relative to other neighborhoods.It had 457,998 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On the tax block, there was one new building construction project filed totaling 240 square feet. It is a 240 square-foot utility and miscellaneous (U) building submitted by Kwok Tse with plans filed August 4, 2015 and permitted September 21, 2016.

The majority, or 61 percent of the 9,591 square feet of built space are retail buildings, with mixed-use buildings next occupying 39 percent of the space.

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