Thomas Polsinelli pays $13.5M to Asset Realty for two rentals in Rockaway Park

Thomas Polsinelli through the entity B 114 LLC paid $13.5 million to Asset Realty & Construction Group through the entity 114-115 Rockaway Park, LLC for the 27-unit rental building at 114-30 Rockaway Beach Boulevard and the adjacent 27-unit rental building at 114-06 Rockaway Beach Boulevard in Rockaway Park, Queens. Each building is divided into three commercial condominium units, and the sale was for all six units, including retail in both buildings.
The deal closed on February 27, 2024 and was recorded on March 13, 2024. The six properties have 86,966 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $155 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 Asset Realty & Construction Group was Dino Tomassetti Jr.. The signatory for Thomas Polsinelli was Thomas Polsinelli. The contract date was February 9, 2024. The acquisition was financed with a purchase money mortgage from Asset Realty.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 114-06 Rockaway Beach Boule.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Thomas Polsinelli purchased one property in one transaction for a total of $3.8 million and has no record it sold any properties over the past 24 months.
The seller Asset Realty & Construction Group had not purchased any other properties and sold three properties in three transactions for a total of $24.4 million over the same time period.

The property

The rental condo with 27 residential units in Rockaway Park has 86,966 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 35,927 square feet. The property has a 421A exemption that started in 2019 and expires in 2055. The city-designated market value for the property in 2022 is $3.9 million. The most recent prior loan totaled $13.5 million and was provided by 1st Constitution Bank on October 1, 2020.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

For the tax lot buildings, one out of the six buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 114-06 Rockaway Beach Boule, PincusCo has identified the owners of five of the 59 commercial properties representing 22,838 square feet of the 256,898 square feet. The largest owner is Ronnie Levy, followed by Oiring Group and then Harpal Randhawa.
On the tax block, there was one new building construction project filed totaling 1,347 square feet. It is a two-unit, 1,347 square-foot residential (R-3) building submitted by Jorge Luaces with plans filed March 13, 2017 and it has not been permitted yet.

The majority, or 49 percent of the 256,898 square feet of built space are retail buildings, with mixed-use buildings next occupying 22 percent of the space.

The seller

The PincusCo database currently indicates that Asset Realty & Construction Group owned at least two commercial properties with 66 residential units in New York City with 49,563 square feet and a city-determined market value of $4 million. (Market value is typically about 50% of actual value.) The portfolio has $47.8 million in debt, with top three lenders as Columbia Bank, Investors Bank, and 1st Constitution Bank respectively. Within the portfolio, the bulk, or 100 percent of the 49,563 square feet of built space are elevator properties, with development properties next occupying 0 percent of the space. They are all located in Bronx.

The buyer

The PincusCo database currently indicates that Thomas Polsinelli owned at least one commercial property with 22 residential units in New York City with 23,617 square feet and a city-determined market value of $2.6 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.

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