Townhouse Rental II pays $2.6M to Perl Weisz for 4-unit walkup in Ridgewood

Townhouse Rental II, L.L.C. paid $2.6 million to Perl Weisz through the entity 510 Fairview LLC for four-unit walkup (C3) at 510 Fairview Avenue in Ridgewood, Queens.
The deal closed on June 22, 2022 and was recorded on July 5, 2022. The property has 3,000 square feet of built space and 1,683 square feet of additional air rights for a total buildable of 4,676 square feet according to PincusCo analysis of city data. The sale price per built square foot is $875 and the price per buildable square foot is $561 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 April 20, 2015, for $970,000.

Prior sales and revenue

The former owners according to the Department of Housing Preservation and Development includes Perl Weisz, head officer and Abraham Weiner, agent. The business entity is 510 Fairview Llc.

The property

The 510 Fairview Avenue parcel has frontage of 25 feet and is 93 feet deep with a total lot size of 2,338 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.The most recent loan totaled 0.0 and was provided by Maverick Real Estate Partners on July 16, 2021.

Violations and lawsuits

The property was involved in two lawsuits and zero bankruptcies over the past two years. The highest value suit was a $6.6 million money judgment concerning a loan filed on August 23, 2021, by Maverick Real Estate Partners against CW Realty and Perl Weisz. In addition, according to city public data, the property has received $1,050 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 38 percent of the 20.3 million square feet of commercial built space are residential walkup buildings, with mixed-use buildings next occupying 27 percent of the space. In sales, Ridgewood has had very little sales volume relative to other neighborhoods with $134.5 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 254,413 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the nine commercial properties representing 3,000 square feet of the 55,854 square feet. The identified owner is Greenbrook Partners. There are no active new building construction projects on this tax block.

The majority, or 69 percent of the 55,854 square feet of built space are residential walkup buildings, with mixed-use buildings next occupying 31 percent of the space.

Surrounding

Within a 400-foot radius of 510 Fairview 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 April 1, 2022 for the $955,800 renovation of 9,285-square-foot R-2 building with 10 residential units at 507 Fairview Avenue.
One of those two items was a loan which Greenbrook Partners borrowed $10.1 million from Ladder Capital secured by the 5,220-square-foot, three-unit mixed-use building (S2) on 516 Fairview Avenue and five other properties on October 1, 2021.

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