Saul Maslavi pays $9.3M for industrial in Rockaway Beach

Saul Maslavi through the entity SA Beach Channel Drive LLC paid $9.3 million to Yehuda Abboudi through the entity 97-25 Beach Channel LLC for the industrial building (F5) at 97-01 Beach Channel Drive in Rockaway Beach, Queens.
The deal closed on September 11, 2023 and was recorded on September 18, 2023. The property has 43,800 square feet of built space and 1,348 square feet of additional air rights for a total buildable of 44,936 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $213 and the price per buildable square foot is $208 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 seller bought the property on November 4, 2022, for $7.2 million. The signatory for Yehuda Abboudi was Michael Khodadadi. The signatory for Saul Maslavi was Jeffrey Homapour. The contract date was June 20, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Saul Maslavi had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Yehuda Abboudi purchased one properties in one transactions for a total of $7.2 million and had not sold any properties over the same time period. The 43,800-square-foot property generated revenue of $639,463 or $15 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Rockaway Beach has 43,800 square feet of built space and 1,348 square feet of additional air rights for a total buildable of 44,936 square feet according to a PincusCo analysis of city data. The parcel has frontage of 196 feet and is 287 feet deep with a total lot size of 44,936 square feet. The lot is irregular. The zoning is C8-1 which allows for up to 1 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $3.4 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 received 15 DOB 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 Rockaway Beach, The majority, or 52 percent of the 3.2 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 20 percent of the space. In sales, Rockaway Beach has the 37th highest sale turnover among other neighborhoods in Queens with $29.1 million in sales volume in the last two years. For development, Rockaway Beach has had very little major development activity relative to other neighborhoods.It had 104,442 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 this tax block, PincusCo has identified the owners of five of the 11 commercial properties representing 58,260 square feet of the 70,536 square feet. The largest owner is Zhi Lin, followed by Yehuda Abboudi and then Mao Kai Zheng.
On the tax block, there were two new building construction projects totaling 15,835 square feet. The largest is a 12-unit, 8,000 square-foot building submitted by Nancy Lin and filed by Nancy Lin with plans filed September 28, 2022 and it has not been permitted yet. The second largest is a 7,835 square-foot assembly (A-2) building submitted by James Wiseman with plans filed April 15, 2015 and it has not been permitted yet.

The majority, or 73 percent of the 70,536 square feet of built space are industrial buildings, with retail buildings next occupying 10 percent of the space.

The seller

The PincusCo database currently indicates that Yehuda Abboudi owned at least one commercial property in New York City with 43,800 square feet and a city-determined market value of $3.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property. It is located in Queens.

The buyer

The PincusCo database currently indicates that Saul Maslavi owned at least two commercial properties with six residential units in New York City with 60,500 square feet and a city-determined market value of $7.2 million. (Market value is typically about 50% of actual value.) The portfolio has $8 million in debt, borrowed from JPMorgan Chase. Within the portfolio, the bulk, or 92 percent of the 60,500 square feet of built space are industrial properties, with walkup properties next occupying 8 percent of the space. They are all located in Brooklyn.

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