Townhouse Rental II, L.L.C. pays $8.4M for Ridgewood walkups

The entity Townhouse Rental II, L.L.C. paid $8.35 million in two transactions to two separate groups of sellers for Ridgewood, Queens, walkups.

In the larger, the entity Townhouse Rental II, L.L.C. paid $4.8 million to Seagram Properties through the entity 20-35 Gates, LLC for six-unit residential walkup building at 2035 Gates Avenue in Ridgewood, Queens.
The deal closed on February 10, 2022 and was recorded on February 24, 2022.
The property has 5,600 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $848 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 March 14, 2018, for $2.3 million.
The signatory for Seagram Properties was Paul Daniel Conway. The signatory for Townhouse Rental II, L.L.C. was Carter Martin.
Prior to this transaction, the buyer Townhouse Rental II, L.L.C. purchased 22 properties in 22 transactions for a total of $75.3 million and had not sold any properties over the past 24 months.
The seller Seagram Properties had not purchased any other properties and had not sold any properties over the same time period.
(421646883)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 8 residential units on January 24, 2020.
Paul Daniel Conway owns Seagram.

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In the second transaction, Townhouse Rental II, L.L.C. paid $3.6 million to Derek Bestreich, Shaun Riney, and Lucien Sproviero through the entity Db 1828 Tic LLC (and others) for six-unit residential walkup building at 1828 George Street in Ridgewood, Queens.
The deal closed on January 28, 2022 and was recorded on February 24, 2022.
The property has 4,875 square feet of built space and 125 square feet of additional air rights for a total buildable of 5,004 square feet according to PincusCo analysis of city data. The sale price per built square foot is $738 and the price per buildable square foot is $719 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 August 13, 2014, for $1 million.
The signatory for Derek Bestreich, Shaun Riney, and Lucien Sproviero was Derek Bestreich, Shaun Riney, and Lucien Sproviero. The signatory for Townhouse Rental II, L.L.C. was Carter Martin.

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 four pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.
On the tax block, the majority, or 65 percent of the 203,458 square feet of built space are residential walkup buildings, with office buildings next occupying 22 percent of the space.

Direct link to Acris document. link