Rosdev Group pays $13M to Pace Companies for industrial in Jamaica
The Montreal-based Rosdev Group paid $13 million to plumbing company the Pace Companies for two industrial buildings in Jamaica, Queens, in two separate transactions.
In the first, Rosdev Group through the entity RD Rockaway LLC paid $7.5 million to Pace Companies through the entity 144 Rockaway Associates LLC for industrial (P5) at 144-06 Rockaway Boulevard in Jamaica, Queens.
The deal closed on July 21, 2021 and was recorded on August 17, 2021.
The property has 12,700 square feet of built space and 12,490 square feet of additional air rights for a total buildable of 25,234 square feet according to PincusCo analysis of city data. The sale price per built square foot is $590 and the price per buildable square foot is $297 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 Pace Companies was Harold Block. The signatory for Rosdev Group was Thomas Rosenberg.
The contract date was December 31, 2020. The RosDev Group is based in Montreal and led by David Rosenberg and Michael Rosenberg. Harold Block is chairman of Pace Companies.
Direct link to Acris document. link
In the second transaction, Rosdev Group through the entity RD Sutphin LLC paid $5.5 million to Pace Companies through the entity Sutphin Equities Co. LLC for industrial (N9) at 112-06 Sutphin Boulevard in Jamaica, Queens.
The deal closed on July 21, 2021 and was recorded on August 17, 2021.
The property has 20,465 square feet of built space and 13,875 square feet of additional air rights for a total buildable of 34,260 square feet according to PincusCo analysis of city data. The sale price per built square foot is $268 and the price per buildable square foot is $160 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 owner bought the property on 21-Jul-21, for $5.5 million.
The signatory for Pace Companies was Harold Block. The signatory for Rosdev Group was Thomas Rosenberg.
Direct link to Acris document. link
Rosdev Group through the entity Rd Rockaway, LLC as borrower signed an acquisition loan with lender Bankwell Bank valued at $11.2 million for two industrials including the industrial (N9) at 112-06 Sutphin Boulevard in Jamaica, Queens and industrial (P5) at 144-06 Rockaway Boulevard in Jamaica, Queens.
The signatory for Rosdev Group was Thomas Rosenberg. The signatory for Bankwell Bank was Scott Davis.