SMJ Development pays $12.5M for 133-unit dev site in Rego Park

SMJ Development through the entity SMJ Woodhaven Owner LLC paid $12.5 million to Peter Zuccarello, Damien Smith, Gandolfo DiFiore, Joseph Mazzola, and Gerald Caliendo for the development site with plans for 133 units (V1) at 68-19 Woodhaven Boulevard in Rego Park, Queens.
The deal closed on October 19, 2023 and was recorded on October 26, 2023. The property has a total buildable of 78,453 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $159 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 July 30, 2019, for $5.3 million. The signatories for the sellers were Peter Zuccarello, Damien Smith, Gandolfo DiFiore, Joseph Mazzola, and Gerald Caliendo. The signatory for SMJ Development was Juan Barahona. The contract date was June 6, 2023.

On the lot, there is one active new building construction project for a 133-unit, 90,926 square-foot R-2 building. The project was submitted by Prosper Property Group and filed by Damien Smith with plans filed September 3, 2021 and permitted April 15, 2022.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer SMJ Development had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Peter Zuccarello purchased one property in one transaction for a total of $3 million and sold one property in one transaction for a total of $3.9 million over the same time period.

The property

The development site in Rego Park has total buildable of 78,453 square feet according to a PincusCo analysis of city data. The parcel has frontage of 229 feet and is 100 feet deep with a total lot size of 26,151 square feet. The lot is irregular. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.1 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.

The neighborhood

In Rego Park, the majority, or 65 percent of the 10.6 million square feet of commercial built space are elevator buildings, with mixed-use buildings next occupying 13 percent of the space. In sales, Rego Park has had very little sales volume relative to other neighborhoods with $152.6 million in sales volume in the last two years. For development, Rego Park has had very little major development activity relative to other neighborhoods.It had 636,168 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On the tax block, there was one new building construction project filed totaling 90,926 square feet. It is a 133-unit, 90,926 square-foot residential (R-2) building submitted by Prosper Property Group and filed by Damien Smith with plans filed September 3, 2021 and permitted April 15, 2022.

The majority, or 80 percent of the 45,116 square feet of built space are elevator buildings, with hotel buildings next occupying 20 percent of the space.

The seller

The PincusCo database currently indicates that Gandolfo DiFiore owned at least nine commercial properties with 168 residential units in New York City with 122,618 square feet and a city-determined market value of $14.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 100 percent of the 122,618 square feet of built space are walkup properties, with development properties next occupying 0 percent of the space. They are all located in Queens.
The PincusCo database currently indicates that Damien Smith owned at least two commercial properties in New York City with 14,800 square feet and a city-determined market value of $1.4 million. (Market value is typically about 50% of actual value.) The portfolio has $33 million in debt, borrowed from Valley National Bank. Within the portfolio, the bulk, or 100 percent of the 14,800 square feet of built space are industrial properties, with development properties next occupying 0 percent of the space. They are all located in Queens.
The PincusCo database currently indicates that Joseph Mazzola owned at least one commercial property with 16 residential units in New York City with 12,464 square feet and a city-determined market value of $1.2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Queens.
The PincusCo database currently indicates that Peter Zuccarello owned at least one commercial property in New York City with 4,000 square feet and a city-determined market value of $656,000. (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 SMJ Development owned at least two commercial properties with 11 residential units in New York City with 10,067 square feet and a city-determined market value of $3.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 100 percent of the 10,067 square feet of built space are elevator properties, with development properties next occupying 0 percent of the space. They are all located in Manhattan.

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