Treetop Development pays $20M for two properties in Queens Village

Treetop Development through the entity Tyh Queens Village LLC paid $20 million to Richard Albert through the entity 222 Realty LLC for the midblock 64-unit residential elevator building at 94-03 222nd Street in Queens Village, Queens and midblock 63-unit residential walkup building at 93-45 222nd Street in Queens Village, Queens.
The deal closed on June 10, 2022 and was recorded on June 27, 2022. The two properties have 155,937 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $128 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.)

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 94-03 222nd Street.

Prior sales and revenue

The former owners according to the Department of Housing Preservation and Development includes Edith Feldman, head officer and R. Albert, officer. The business entities are Alto Property Managers Llc and 222 Realty Llc. The two properties with a total of 155,937 square feet of built space generated revenue of $2.4 million per year or $16 per square foot. The sale price per square foot was $128.

The property

The 94-03 222nd Street parcel has frontage of 166 feet and is 280 feet deep with a total lot size of 44,240 square feet. The lot is irregular. The zoning is R3-2 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4.7 million.
The 93-45 222nd Street parcel has frontage of 174 feet and is 280 feet deep with a total lot size of 48,720 square feet. The zoning is R3-2 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.9 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received six housing violations 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 Queens Village, the majority, or 75 percent of the 21.8 million square feet of commercial built space are 1-4 family buildings, with specialty buildings next occupying 8 percent of the space. In sales, Queens Village has had very little sales volume relative to other neighborhoods with $58.5 million in sales volume in the last two years. For development, Queens Village has had very little major development activity relative to other neighborhoods.It had 114,995 square feet of commercial and multi-family construction under development in the last two years, which represents 0.53 percent of the neighborhood’s built space.

The block

On the tax block of 94-03 222nd Street, PincusCo has identified the owners of one of the 15 commercial properties representing 1,900 square feet of the 199,482 square feet. The identified owner is Ilidio Chaves. There is one active new building construction project totaling 51,493 square feet. It is a N/A-unit, 51,493-square-foot B building developed by Paramjit Kaur with plans filed September 29, 2017 and permitted August 31, 2021.

the majority, or 36 percent of the 231,195 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 34 percent of the space.

Surrounding

Within a 400-foot radius of 94-03 222nd Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a new building permit issued on August 31, 2021 for a 51,493-square-foot B building at 222-25 Jamaica Avenue.

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