Ya Chen pays $2.4M for mixed-use in Ridgewood
Ya Chen through the entity Orange Beach, LLC paid $2.4 million to Nicholas Sciortino through the entity 57-34 Myrtle Avenue LLC for the two-unit mixed-use building (S2) at 57-34 Myrtle Avenue in Ridgewood, Queens.
The deal closed on April 17, 2023 and was recorded on April 21, 2023. The property has 3,750 square feet of built space and 1,456 square feet of additional air rights for a total buildable of 5,202 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $626 and the price per buildable square foot is $451 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 Nicholas Sciortino was Nicholas Sciortino. The signatory for Ya Chen was Ya Chen.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Ya Chen had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Nicholas Sciortino had not purchased any other properties and had not sold any properties over the same time period.
The property
The mixed-use building with 2 residential units in Ridgewood has 3,750 square feet of built space and 1,456 square feet of additional air rights for a total buildable of 5,202 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 86 feet deep with a total lot size of 1,734 square feet. 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 $1.2 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 $50 in OATH penalties in the last year.
Development
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 $320.3 million in sales volume in the last two years and is the 6th highest in Queens. For development, Ridgewood has had very little major development activity relative to other neighborhoods.It had 496,458 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. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.
The block
On this tax block, PincusCo has identified the owners of six of the 22 commercial properties representing 37,411 square feet of the 104,648 square feet. The largest owner is Simkho Aranbayev, followed by Pavle Prigorec and then Moses Singer.
There are no active new building construction projects on this tax block.
The majority, or 47 percent of the 104,648 square feet of built space are walkup buildings, with mixed-use buildings next occupying 46 percent of the space.
The buyer
The PincusCo database currently indicates that Ya Chen owned at least one commercial property with two residential units in New York City with 6,999 square feet and a city-determined market value of None. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.
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