Abdel Hassen pays $7.2M for grocery building in South Ozone Park

Abdel Hassen through the entity 135-46 Calhoun Realty LLC paid $7.2 million to Barbara Arn through the entity 135–46-56 Lefferts Blvd., LLC for midblock retail grocery building at 135-46 Lefferts Boulevard in South Ozone Park, Queens and development building on Lefferts Boulevard in South Ozone Park, Queens.
The deal closed on February 23, 2022 and was recorded on March 10, 2022. The two properties have 13,590 square feet of built space and 2,320 square feet of additional air rights for a total buildable of 16,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $526 and the price per buildable square foot is $446 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 Barbara Arn was Avron I. Brog. The signatory for Abdel Hassen was Abdel Hassen. Barbara Arn was listed as the owner of the property before it was transferred to the LLC.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 135-46 Lefferts Boulevard.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Abdel Hassen had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Barbara Arn had not purchased any other properties and had not sold any properties over the same time period. Out of the two properties, one with a total of 13,590 square feet of built space generated revenue of $482,024 per year.

The property

The 135-46 Lefferts Boulevard parcel has frontage of 320 feet and is 95 feet deep with a total lot size of 30,400 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 $2.4 million.

Violations and lawsuits

The properties were not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the properties have received one DOB violation 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 South Ozone Park, the majority, or 70 percent of the 30.6 million square feet of built space are 1-4 family buildings, with specialty buildings next occupying 16 percent of the space. In sales, South Ozone Park has the 22nd highest sale turnover among other neighborhoods in Queens with $46 million in sales volume in the last two years. For development, South Ozone Park has had very little major development activity relative to other neighborhoods.It had 544,669 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

There are no active new building construction projects on this tax block.

The majority, or 68 percent of the 57,670 square feet of built space are 1-4 family buildings, with retail buildings next occupying 32 percent of the space.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 135-46 Lefferts Boulevard that occurred over the past 24 months.

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