Ruben Rafailov, others pay $3.1M for industrial in Woodhaven

Ruben Rafailov, Ilyazar Rafailov, and Yakov Rafailov through the entity 9815 Jamaica LLC paid $3.1 million to the Branchinelli family through the entity Branchinelli Food Distribution Corp. for the industrial building (E9) at 98-15 Jamaica Avenue in Woodhaven, Queens.
The deal closed on March 26, 2024 and was recorded on April 9, 2024. The property has 10,500 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $292 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 family that owns Branchinelli’s Pizza & Restaurant was Emil Branchinelli and Giovanna Branchinelli-Greer. The signatory for Ruben Rafailov, Ilyazar Rafailov, and Yakov Rafailov was Ruben Rafailov. The contract date was January 31, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Ruben Rafailov purchased one property in one transaction for a total of $1.4 million and has no record it sold any properties over the past 24 months.
The seller had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Woodhaven has 10,500 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 65 feet and is 210 feet deep with a total lot size of 13,650 square feet. The zoning is R3A 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 $1.3 million.

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 Woodhaven, The bulk, or 38 percent of the 3.3 million square feet of commercial built space are mixed-use buildings, with walkup buildings next occupying 22 percent of the space. In sales, Woodhaven has the 31st highest sale turnover among other neighborhoods in Queens with $39.3 million in sales volume in the last two years. For development, Woodhaven has had very little major development activity relative to other neighborhoods.It had 26,617 square feet of commercial and multi-family construction under development in the last two years, which represents 0.80 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the seven commercial properties representing 5,153 square feet of the 150,788 square feet. The two identified owners are City Of New York and Alayof Abraham.
There are no active new building construction projects on this tax block.

The majority, or 70 percent of the 150,788 square feet of built space are specialty buildings, with industrial buildings next occupying 23 percent of the space.

The buyer

The PincusCo database currently indicates that Ruben Rafailov owned at least one commercial property with six residential units in New York City with 7,440 square feet and a city-determined market value of $779,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Queens.

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