Venture One Real Estate pays $10.7M for industrial in Ozone Park

Venture One Real Estate through the entity Vk 89-02 Atlantic, LLC paid $10.7 million to Edward Rutkovsky through the entity Realex Development Corp. for the industrial building (F4) at 89-02 Atlantic Avenue and the industrial building (F5) at 94-33 89th Street in Ozone Park, Queens.
The deal closed on August 21, 2025 and was recorded on August 29, 2025. The two properties have 31,595 square feet of built space and 27,653 square feet of additional air rights for a total buildable of 59,150 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $338 and the price per buildable square foot is $180 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 Edward Rutkovsky was Edward Rutkovsky. The signatory for Venture One Real Estate was Roy Splansky . The contract date was August 21, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Venture One Real Estate purchased one property in one transaction for a total of $9.8 million and has no record it sold any properties over the past 24 months.
The seller Edward Rutkovsky had not purchased any other properties and sold one property in one transaction for a total of $1.6 million over the same time period. The two properties with a total of 31,595 square feet of built space generated revenue of $551,258 per year or $17 per square foot. The sale price per square foot was $339.

The property

The industrial buildings in Ozone Park has 31,595 square feet of built space and 27,653 square feet of additional air rights for a total buildable of 59,150 square feet according to a PincusCo analysis of city data. The parcel has frontage of 140 feet and is 275 feet deep with a total lot size of 34,150 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $2.7 million.

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 one DOB violation in the last year.

Development

For the tax lot buildings, one out of the two 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 Ozone Park, The bulk, or 28 percent of the 5.4 million square feet of commercial built space are mixed-use buildings, with industrial buildings next occupying 22 percent of the space. In sales, Ozone Park has had very little sales volume relative to other neighborhoods with $104.3 million in sales volume in the last two years. For development, Ozone Park has had very little major development activity relative to other neighborhoods.It had 105,646 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 the tax block of 89-02 Atlantic Avenue, PincusCo has identified the owners of one of the eight commercial properties representing 30,600 square feet of the 109,924 square feet. The identified owner is Samuel Shamouilian.
There are no active new building construction projects on this tax block.

The majority, or 45 percent of the 109,924 square feet of built space are mixed-use buildings, with industrial buildings next occupying 29 percent of the space.

The buyer

The PincusCo database currently indicates that Venture One Real Estate owned at least one commercial property in New York City with 21,200 square feet and a city-determined market value of $1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property. It is located in Queens.

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