United Developers pays $4M for development site with 101-unit plans in Arverne

United Developers through the entity UBC 126 LLC paid $4 million to Brad Goodman through the entity Channel Holding Co., Inc. for a development site composed of the gas station (G4) at 59-14 Beach Channel Drive and industrial building (G7) on Beach Channel Drive in Arverne, Queens.
The deal closed on July 18, 2022 and was recorded on August 11, 2022. The two properties have 3,525 square feet of built space and 101,318 square feet of additional air rights for a total buildable of 104,824 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,134 and the price per buildable square foot is $38 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 Brad Goodman was Brad Goodman. The signatory for United Developers was Matthew Ahdoot.

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 Beach Channel Drive.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer United Developers purchased two properties in two transactions for a total of $5.4 million and sold one properties in one transactions for a total of $4.4 million over the past 24 months.
The seller Brad Goodman had not purchased any other properties and had not sold any properties over the same time period.

The property

The Beach Channel Drive parcel has frontage of 202 feet and is 218 feet deep with a total lot size of 32,939 square feet. The lot is irregular. The zoning is R5D which allows for up to 2 times floor area ratio (FAR) for residential. 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 properties since September of 2020. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

On these lots, there is one active new building construction project for a 101-unit, 78,813-square-foot R-2 building. The project was developed by Matthew Ahdoot with plans filed July 11, 2022 and it has not been permitted yet.

The neighborhood

In Arverne, the bulk, or 37 percent of the 1.4 million square feet of commercial built space are specialty buildings, with elevator buildings next occupying 34 percent of the space. In sales, Arverne has not had any sales in the last two years. For development, Arverne has had very little major development activity relative to other neighborhoods.It had 98,926 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.

The block

There is an active new building construction project totaling 80,777 square feet. The largest is a 101-unit, 78,813-square-foot R-2 building developed by Matthew Ahdoot with plans filed July 11, 2022 and it has not been permitted yet.

all properties are industrial.

The buyer

The PincusCo database currently indicates that United Developers owned at least two commercial properties in New York City with 7,008 square feet and a city-determined market value of $1.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 66 percent of the 7,008 square feet of built space are mixed-use properties, with retail properties next occupying 34 percent of the space. The bulk, or 66 percent of the built space, is in Bronx, with Queens next at 34 percent of the space.

Direct link to Acris document. link