Remsen Capital pays $59.7M to estate of Rita Stark for development site in Jamaica

Remsen Capital Management through the entity Sutphin Boulevard Equities LLC paid $59.7 million to the estate of Rita Stark through the entity Merkel Properties, LLC for development building at 94-01 Sutphin Boulevard in Jamaica, Queens.
The deal closed on December 30, 2021 and was recorded on January 13, 2022.
The property has 0 square feet of built space and 601,380 square feet of additional air rights for a total buildable of 601,380 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $99 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 the estate of Rita Stark was Elizabeth Farrell. The signatory for Remsen Capital Management was Joel Zupnick.
Prior to this transaction, the buyer Remsen Capital Management had not purchased any other properties and had not sold any properties over the past 24 months.

Joel Zupnick is an investor with Remsen Capital Managment. Rita Stark was a real estate owner who inherited properties from her father Fred Stark. Rita Stark died in October 2016.
In Jamaica, the majority, or 33 percent of the 46.7 million square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 20 percent of the space. In sales, Jamaica has had very little sales volume relative to neighborhoods in the city with $164 million in sales volume in the last two years. For development, Jamaica has 3.7 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Queens. It had 3.3 million square feet of commercial construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.
The brokers representing both sides of the deal were Sadya Liberow and Yuriy Ustoyev of Asset CRG Advisors.

Within a 400-foot radius of 94-01 Sutphin Boulevard, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, two were in new building development. There were one new building permit application and one new building permit. The most recent of these two items was a filing on August 13, 2020 for a 81,577-square-foot R-2 building with 118 residential units at 95-08 147th Place.
One of those five items was a sale which Artimus and Phoenix Realty Group bought the 46,180-square-foot development site (V1) on 147-07 94th Avenue for $26.7 million from Rocco Ron Romeo on January 6, 2020.
Of those five items, two were loans above $5 million totaling $190.8 million. The most recent of the two was Land & Sea Development which borrowed $10 million from First Republic Bank secured by the 46,180-square-foot development site (V1) on 147-07 94th Avenue on April 19, 2021.

UPDATED: With broker information.

Direct link to Acris document. link