Tennis teaching company pays $5.2M for mixed-use in Long Island City

Tennis education firm Court 16 through the entity Court 16 LIC Properties LLC paid $5.2 million to Edward Farrell through the entity Gratz Industries, Inc. for the mixed-use building (K9) at 13-06 Queens Plaza South in Long Island City, Queens. Court 16 already occupies the property through a lease.
The deal closed on October 27, 2023 and was recorded on November 21, 2023. The property has 11,000 square feet of built space and 11,205 square feet of additional air rights for a total buildable of 22,190 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $475 and the price per buildable square foot is $235 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 Edward Farrell was Edward Farrell. The signatory for Court 16 was Anthony Evrard.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Court 16 had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Edward Farrell had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building in Long Island City has 11,000 square feet of built space and 11,205 square feet of additional air rights for a total buildable of 22,190 square feet according to a PincusCo analysis of city data. The parcel has frontage of 110 feet and is 95 feet deep with a total lot size of 11,095 square feet. The lot is irregular. The zoning is M1-4 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1.5 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

For the tax lot building, it received its initial certificate of occupancy on February 9, 2018. 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 Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has the 8th highest sale turnover among other neighborhoods in the city with $1.9 billion in sales volume in the last two years. For development, Long Island City is the 4th most active neighborhood among other neighborhoods. It had 8.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.

The block

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

The majority, or 30 percent of the 81,500 square feet of built space are industrial buildings, with mixed-use buildings next occupying 29 percent of the space.

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