ZB Capital Group pays $4.8M to Adam America for LIC retail condo

ZB Capital Group through the entity Zb Lic LLC paid $4.8 million to Adam America Real Estate through the entity 22-12 Jackson Owner LLC for the retail condo at 22-18 Jackson Avenue in Long Island City, Queens.
The deal closed on December 19, 2022 and was recorded on December 29, 2022. The property has 4,938 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $972 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 Adam America Real Estate was Omri Sachs. The signatory for ZB Capital Group was Jason Behfarin.

Prior sales and revenue

The seller Adam America Real Estate had not purchased any other properties and sold two properties in two transactions for a total of $82.8 million over the past 24 months.

The property

The 22-18 Jackson Avenue condo unit has a total of 4,938 square feet. The city-designated market value for the property in 2022 is $1.4 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

For the tax lot building, it received its initial certificate of occupancy on November 19, 2020. On the lot, there was one active new building construction project for a 182-unit, 169,838 square-foot R-2 building. The project was developed by Josh Zucker with plans filed January 25, 2016 and permitted July 12, 2017. On the tax lot, the most recent condominium plan was filed by 22-12 JACKSON OWNER LLC to create 182 residential units and 1 commercial units in a building at 22-18 Jackson Avenue in Long Island City, Queens, called 22-18 Jackson Condominium that has a $232.8 million sellout, according to an March 10, 2017 submission to the New York State Attorney General.The principals of the sponsor, 22-12 JACKSON OWNER LLC, were Dvir Cohen Hoshen and Omri Sachs.

The neighborhood

In Long Island City, the bulk, or 33 percent of the 62.1 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 32 percent of the space. In sales, Long Island City has the 9th highest sale turnover among other neighborhoods in the city with $1.7 billion in sales volume in the last two years. For development, Long Island City is the 5th most active neighborhood among other neighborhoods. It had 8.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 10 commercial properties representing 167,943 square feet of the 176,281 square feet. The largest owner is Long Island Rail Road, followed by Carlyle Group and then Amtrak.
On the tax block, there was one new building construction project filed totaling 169,838 square feet. It is a 182-unit, 169,838-square-foot R-2 building developed by Josh Zucker with plans filed January 25, 2016 and permitted July 12, 2017.

The majority, or 98 percent of the 171,343 square feet of built space are elevator buildings, with retail buildings next occupying 2 percent of the space.

The seller

The PincusCo database currently indicates that Adam America Real Estate owned at least five commercial properties in New York City with 409,078 square feet and a city-determined market value of $38 million. (Market value is typically about 50% of actual value.) The portfolio has $348.8 million in debt, with top three lenders as Axos Bank, AIG, and MSD Partners respectively. Within the portfolio, the bulk, or 77 percent of the 409,078 square feet of built space are elevator properties, with D6 properties next occupying 23 percent of the space. The bulk, or 57 percent of the built space, is in Manhattan, with Brooklyn next at 43 percent of the space.

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