Townhouse Rental II pays $6.9M for 3 walkups in Ridgewood, total of $95M in 6 months

The anonymous entity Townhouse Rental II, L.L.C. paid $6.9 million to two sellers in three transactions for walkups in Ridgewood, Queens, bringing the buyer’s total to $95 million over the past six months to acquire 29 properties. The buyer is one of the most active in the city.

In the first transaction, Townhouse Rental II, L.L.C. paid $2.5 million to Esther Herman through the entity Harman Menahan LLC for the midblock four-unit 1-4 family building at 20-27 Menahan Street in Ridgewood, Queens.
The deal closed on March 10, 2022 and was recorded on March 23, 2022. The property has 3,100 square feet of built space and 275 square feet of additional air rights for a total buildable of 3,375 square feet according to PincusCo analysis of city data. The sale price per built square foot is $806 and the price per buildable square foot is $740 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 2, 2016, for $1.2 million. The signatory for Esther Herman was Esther Herman. The signatory for Townhouse Rental II, L.L.C. was Carter Martin.

In the second, Townhouse Rental II, L.L.C. paid $2.4 million to Solomon Jacobowitz through the entity Abe Jones LLC for midblock four-unit 1-4 family building at 581 Fairview Avenue in Ridgewood, Queens.
The deal closed on March 10, 2022 and was recorded on March 23, 2022. The property has 2,750 square feet of built space and 1,995 square feet of additional air rights for a total buildable of 4,750 square feet according to PincusCo analysis of city data. The sale price per built square foot is $854 and the price per buildable square foot is $494 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 9, 2016, for $950,000. The signatory for Solomon Jacobowitz was Solomon Jacobowitz. The signatory for Townhouse Rental II, L.L.C. was Carter Martin.

In the third, Townhouse Rental II, L.L.C. paid $2.1 million to Solomon Jacobowitz through the entity Sam Jacobs, LLC for midblock four-unit 1-4 family building at 583 Fairview Avenue in Ridgewood, Queens.
The deal closed on March 10, 2022 and was recorded on March 23, 2022. The property has 2,750 square feet of built space and 1,995 square feet of additional air rights for a total buildable of 4,750 square feet according to PincusCo analysis of city data. The sale price per built square foot is $754 and the price per buildable square foot is $436 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 9, 2016, for $1 million. The signatory for Solomon Jacobowitz was Solomon Jacobowitz. The signatory for Townhouse Rental II, L.L.C. was Carter Martin.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Townhouse Rental II, L.L.C. purchased 26 properties in 26 transactions for a total of $88.1 million and has no record it sold any properties over the past 24 months.
The seller Esther Herman had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Esther Herman, head officer and Shia Lefkowitz, officer. The business entity is Harman Menahan Llc.

The property

The 20-27 Menahan Street parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is R5B which allows for up to 1.35 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $458,400.

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 commercial 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 89 percent of the 116,241 square feet of built space are 1-4 family buildings, with mixed-use buildings next occupying 7 percent of the space.

Surrounding

PincusCo has not identified any commerial real estate items of interest within a 400-foot radius of 20-27 Menahan Street that occurred over the past 24 months.

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