Vertuccio family pays $6.8M for industrial in Ridgewood

The Vertuccio family through the entity JV North 12th Street LLC paid $6.8 million to Thomas Auringer through the entity Keifer Lane Realty, LLC for the industrial building (G7) at 1518 Decatur Street in Ridgewood, Queens.
The deal closed on January 4, 2023 and was recorded on January 13, 2023. The property has zero square feet of built space and 26,886 square feet of additional air rights for a total buildable of 26,886 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $251 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 Thomas Auringer was Thomas Auringer. The signatory for the Vertuccio family was Lilly Vertuccio.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Lilly Vertuccio had purchased any other properties and sold three properties in one transactions for a total of $21.75 million over the past 24 months.
The seller Thomas Auringer had not purchased any other properties and had not sold any properties over the same time period.

The property

The 1518 Decatur Street parcel has frontage of 124 feet and is 235 feet deep with a total lot size of 19,916 square feet. The lot is irregular. The zoning is R5B which allows for up to 1.35 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant 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 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 $282.3 million in sales volume in the last two years. For development, Ridgewood has had very little major development activity relative to other neighborhoods.It had 472,611 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 two of the 14 commercial properties representing zero square feet of the 77,267 square feet. The two identified owners are Thomas Auringer and City of New York.
On the tax block, there were two new building construction projects totaling 26,709 square feet. The largest is a 21,742-square-foot M building developed by Ioan Sita with plans filed May 14, 2018 and it has not been permitted yet. The second largest is a six-unit, 4,967-square-foot R-2 building developed by Nir Sapir with plans filed January 22, 2014 and it has not been permitted yet.

The majority, or 100 percent of the 77,267 square feet of built space are industrial buildings, with specialty buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that Thomas Auringer owned at least four commercial properties in New York City with 30,300 square feet and a city-determined market value of $4.1 million. (Market value is typically about 50% of actual value.) The portfolio has $21.1 million in debt, borrowed from Investors Bank. Within the portfolio, the bulk, or 90 percent of the 30,300 square feet of built space are Q8 properties, with mixed-use properties next occupying 10 percent of the space. The bulk, or 90 percent of the built space, is in Bronx, with Brooklyn next at 10 percent of the space.

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