Townhouse Rental II, L.L.C. pays $2.2M for 4-unit walkup in Ridgewood
The entity Townhouse Rental II, L.L.C., one of the most active buyers of Brooklyn walkups over the last year, paid $2.2 million to Yoel Weiss through the entity 605 Onderdonk LLC for the midblock, 4-family building at 605 Onderdonk Avenue in Ridgewood, Queens.
The deal closed on March 2, 2022 and was recorded on March 9, 2022. The property has 3,000 square feet of built space and 2,000 square feet of additional air rights for a total buildable of 5,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $733 and the price per buildable square foot is $440 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 June 24, 2015, for $1.3 million. The signatory for Yoel Weiss was Joel Teitelbaum. The signatory for Townhouse Rental II, L.L.C. was Carter Martin. Yoel Weiss signed on the previous mortgage for the property.
Prior sales and revenue
Prior to this transaction, Pincusco has records that the buyer Townhouse Rental II, L.L.C. purchased 25 properties in 25 transactions for a total of $85.9 million and has no record it sold any properties over the past 24 months.
The seller Yoel Weiss had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development was Joel Teitelbaum, head officer. The business entity is 605 Onderdonk Llc.
The property
The 605 Onderdonk Avenue parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $498,500.
Violations and lawsuits
The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has received $50 in OATH penalties 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 Ridgewood, the bulk, or 39 percent of the 33.3 million square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 23 percent of the space. In sales, Ridgewood has had very little sales volume relative to other neighborhoods with $107.5 million in sales volume in the last two years. For development, Ridgewood has had very little major development activity relative to other neighborhoods.It had 253,953 square feet of commercial and multi-family construction under development in the last two years, which represents 0.76 percent of the neighborhood’s built space. There were five pre-foreclosure suit filed among other 1-4 family buildings in the past 12 months.
The block
There are no active new building construction projects on this tax block.
The majority, or 68 percent of the 97,426 square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 12 percent of the space.
Surrounding
Within a 400-foot radius of 605 Onderdonk Avenue, Pincusco identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was for major renovation including a certificate of occupancy change. It was a permit issued on October 14, 2021 for the $290,925 renovation of 2,586-square-foot R-2 building with four residential units at 1870 Grove Street.
One of those two items was a loan which Greenbrook Partners borrowed $20.3 million from Invesco Real Estate secured by the 2,000-square-foot, four-unit four-family building (C3) on 18-63 Linden Street and 11 other properties on January 3, 2022.
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