Yosef Rabinowitz pays $5M to RW Real Estate Group in flip for retail in Cambria Heights

Yosef Rabinowitz through the entity 224-14 Linden Owner LLC paid $5 million to RW Real Estate Group through the entity 224-14 Linden LLC for the retail building (K1) at 222-14 Linden Boulevard in Cambria Heights, Queens. RW Real Estate Group flipped the property, buying it only a month before it signed the contract to sell it.
The deal closed on February 16, 2024 and was recorded on February 27, 2024. The property has 10,000 square feet of built space and 204 square feet of additional air rights for a total buildable of 10,230 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $500 and the price per buildable square foot is $488 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 RW Real Estate Group was Jeffrey M. Platte. The signatory for Yosef Rabinowitz was Yosef Rabinowitz. The contract date was December 13, 2023. RW Real Estate Group bought the property for $3.73 million on November 17, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Yosef Rabinowitz purchased one property in one transaction for a total of $19.5 million and sold three properties in two transactions for a total of $12.9 million over the past 24 months.
The seller RW Real Estate Group purchased two properties in two transactions for a total of $6.9 million and sold two properties in one transaction for a total of $4 million over the same time period.

The property

The retail building in Cambria Heights has 10,000 square feet of built space and 204 square feet of additional air rights for a total buildable of 10,230 square feet according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 105 feet deep with a total lot size of 20,460 square feet. The lot is irregular. The zoning is R3-2 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.8 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 $280 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 Cambria Heights, The bulk, or 43 percent of the 710,922 square feet of commercial built space are specialty buildings, with retail buildings next occupying 25 percent of the space. In sales, Cambria Heights has the 39th highest sale turnover among other neighborhoods in Queens with $30.6 million in sales volume in the last two years. For development, Cambria Heights has had very little major development activity relative to other neighborhoods.It had 9,372 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owner of the one commercial property that spans that spans 10,000 square feet on the block. The identified owner is RW Real Estate Group.
There are no active new building construction projects on this tax block.

All properties are retail.

The seller

The PincusCo database currently indicates that RW Real Estate Group owned at least three commercial properties in New York City with 22,723 square feet and a city-determined market value of $4.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 65 percent of the 22,723 square feet of built space are retail properties, with development properties next occupying 35 percent of the space. The bulk, or 44 percent of the built space, is in Queens, with Brooklyn next at 35 percent of the space.

The buyer

The PincusCo database currently indicates that Yosef Rabinowitz owned at least three commercial properties with 64 residential units in New York City with 124,556 square feet and a city-determined market value of $11.6 million. (Market value is typically about 50% of actual value.) The portfolio has $25.1 million in debt, borrowed from Popular Bank and M&T Bank. Within the portfolio, the bulk, or 64 percent of the 124,556 square feet of built space are industrial properties, with walkup properties next occupying 36 percent of the space. The bulk, or 48 percent of the built space, is in Brooklyn, with Bronx next at 36 percent of the space.

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