TRG Equities pays $1.6M to AMS for mixed-use in Ridgewood

TRG Equities through the entity 56-53 Myrtle TRG LLC paid $1.6 million to AMS Acquisitions through the entity 56-53 AMS Myrtle LLC for the two-unit mixed-use building (S2) at 56-53 Myrtle Avenue in Ridgewood, Queens.
The deal closed on June 7, 2024 and was recorded on June 25, 2024. The property has 2,688 square feet of built space and 425 square feet of additional air rights for a total buildable of 3,111 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $587 and the price per buildable square foot is $507 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 January 15, 2015, for $1.3 million. The signatory for AMS Acquisitions was Joseph Khezrie. The signatory for TRG Equities was Anthony Santorelli. The contract date was January 29, 2024.

The property

The mixed-use building with 2 residential units in Ridgewood has 2,688 square feet of built space and 425 square feet of additional air rights for a total buildable of 3,111 square feet according to a PincusCo analysis of city data. The parcel has frontage of 41 feet and is 43 feet deep with a total lot size of 1,037 square feet. The lot is irregular. The zoning is C4-3A which allows for up to 3 times floor area ratio (FAR) for commercial and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $810 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on December 5, 2016. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Ridgewood, The bulk, or 38 percent of the 20 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 29 percent of the space. In sales, Ridgewood has near average sales volume among other neighborhoods with $304.9 million in sales volume in the last two years and is the 5th highest in Queens. For development, Ridgewood has had very little major development activity relative to other neighborhoods.It had 422,078 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 11 commercial properties representing 5,000 square feet of the 53,222 square feet. The identified owner is Etay Gamlieli.
There are no active new building construction projects on this tax block.

The majority, or 74 percent of the 53,222 square feet of built space are mixed-use buildings, with retail buildings next occupying 15 percent of the space.

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