TRG Equities pays $5.3M to AMS Acquisitions for properties in Ridgewood

TRG Equities through the entity 59-29 Myrtle TRG LLC paid $5.3 million to AMS Acquisitions through the entity AMS-Myrtle LLC for the two-unit mixed-use building (S2) at 59-29 Myrtle Avenue, two-unit mixed-use building (S2) at 59-39 Myrtle Avenue, and the two-unit mixed-use building (S2) at 59-37 71st Avenue in Ridgewood, Queens. The expected use is cash flowing.
The deal closed on February 6, 2025 and was recorded on February 20, 2025. The four properties have 11,212 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $472 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 signatory for AMS Acquisitions was Raymond Hedaya. The signatory for TRG Equities was Anthony Santorelli . The contract date was July 11, 2024. Santorelli is affiliated with both buyer and seller.

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 59-39 Myrtle Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer TRG Equities purchased one property in one transaction for a total of $1.6 million and has no record it sold any properties over the past 24 months.
The seller AMS Acquisitions 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 Menachem Mitnick, head officer and Anthony Santorelli, site manager. The business entity is Ams Myrtle Llc.

The property

The mixed-use building with 2 residential units in Ridgewood has 11,212 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 21 feet and is 53 feet deep with a total lot size of 1,005 square feet. The lot is irregular. 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 $956,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received three DOB violations, $5,000 in ECB penalties, and $5,705 in OATH penalties in the last year.

Development

For the tax lot buildings, two out of the four buildings received a initial certificate of occupancy in the last ten years. 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 had very little sales volume relative to other neighborhoods with $180.1 million in sales volume in the last two years. For development, Ridgewood has 1.2 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Queens. It had 1.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

There are no active new building construction projects on this tax block.

All properties are mixed-use.

The buyer

The PincusCo database currently indicates that Trg Equities owned at least one commercial property with two residential units in New York City with 2,688 square feet and a city-determined market value of $1.7 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Queens.

Direct link to Acris document. link