Sam Rubin pays $5.3M for dev site in Jamaica with 69-unit project filed

Developer Sam Rubin through the entity 89 Ave Realty LLC paid $5.3 million to Pasquale Carpentiere through the entity Carpentiere, Pasquale for a development site (G6) at 148-15 89th Avenue in Jamaica, Queens.
The deal closed on June 13, 2022 and was recorded on June 30, 2022.

On these lots, there is one active new building construction project for a 69-unit, 68,650-square-foot R-2 building. The project was developed by Sam Rubin with plans filed April 14, 2022 and it has not been permitted yet.

The signatory for Pasquale Carpentiere was Pasquale Carpentiere . The signatory for Sam Rubin was Melissa Goldberger.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Melissa Goldberger had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Pasquale Carpentiere had not purchased any other properties and had not sold any properties over the same time period.

The property

The 148-15 89th Avenue parcel has frontage of 75 feet and is 211 feet deep with a total lot size of 13,675 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $435,000.

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 not received any significant violations in the last year.

The neighborhood

In Jamaica, the bulk, or 33 percent of the 46.7 million square feet of commercial 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 other neighborhoods 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 and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of four of the eight commercial properties representing 350,068 square feet of the 585,014 square feet. The largest owner is Cammeby’s International Group, followed by Mary Partridge and then Zara Realty Holding. There is one active new building construction project totaling 68,650 square feet. It is a 69-unit, 68,650-square-foot R-2 building developed by Sam Rubin with plans filed April 14, 2022 and it has not been permitted yet.

The majority, or 95 percent of the 585,014 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 5 percent of the space.

Surrounding

Within a 400-foot radius of 148-15 89th Avenue, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit issued on September 30, 2021 for a 64,509-square-foot R-2 building with 97 residential units at 89-07 148th Street.
Of those three items, two were loans above $5 million totaling $12.1 million. The most recent of the two was Mary Partridge which borrowed $5 million from TD Bank secured by the 127,200-square-foot, 120-unit rental (D1) on 148-25 89th Avenue on June 21, 2021.

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