Sukhjinder Singh, others pay $8M for likely dev site in South Ozone Park

Sukhjinder Singh, Raghbir Singh, and Harpreet Singh through the entity 142-50 Rockaway LLC paid $8 million to Vincent Sposato through the entity 142-50 Realty Corporation for the industrial building (E1) at 142-50 Rockaway Boulevard in South Ozone Park, Queens.
The deal closed on January 13, 2023 and was recorded on January 19, 2023. The property has 7,800 square feet of built space and 62,834 square feet of additional air rights for a total buildable of 70,600 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,025 and the price per buildable square foot is $113 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 Vincent Sposato was Joshua G. Fensterstock. The signatory for Sukhjinder Singh, Raghbir Singh, and Harpreet Singh was Sukhjinder Singh.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Sukhjinder Singh had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Vincent Sposato had not purchased any other properties and had not sold any properties over the same time period. The 7,800-square-foot property generated revenue of $196,205 or $25 per square foot, according to the most recent income and expense figures.

The property

The 142-50 Rockaway Boulevard parcel has frontage of 94 feet and is 166 feet deep with a total lot size of 35,300 square feet. The lot is irregular. The zoning is R5D which allows for up to 2 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1 million.

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.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In South Ozone Park, the bulk, or 28 percent of the 6 million square feet of commercial built space are mixed-use buildings, with specialty buildings next occupying 27 percent of the space. In sales, South Ozone Park has the 27th highest sale turnover among other neighborhoods in Queens with $71.1 million in sales volume in the last two years. For development, South Ozone Park has had very little major development activity relative to other neighborhoods.It had 192,986 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

There are no active new building construction projects on this tax block.

The majority, or 35 percent of the 23,323 square feet of built space are retail buildings, with industrial buildings next occupying 33 percent of the space.

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