Ampiera Group pays $11M to Petsanas family for development in Sunnyside

The Ampiera Group through the entity 4502 Sunnyside LLC paid $11 million to the Petsanas family through the entity Rasell Realty Corp. for the development site at 45-02 Queens Boulevard in Sunnyside, Queens.
The deal closed on March 29, 2022 and was recorded on April 7, 2022.

The property has zero square feet of built space and 52,140 square feet of additional air rights for a total buildable of 52,140 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $210 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 Petsanas family was Christopher Petsanas. Ampiera Group is located at the same address as buyer LLC.  TradedNY first reported the sale.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Ampiera Group had purchased any other properties and has no record it sold any properties over the past 24 months.

The property

The 45-02 Queens Boulevard parcel has frontage of 124 feet and is 110 feet deep with a total lot size of 13,035 square feet. The lot is irregular. The zoning is C4-4A which allows for up to 4 times floor area ratio (FAR) for commercial and up to 4 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2 million.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has received $6,250 in ECB penalties 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 Sunnyside, the bulk, or 35 percent of the 23.5 million square feet of commercial built space are residential elevator buildings, with residential walkup buildings next occupying 19 percent of the space. In sales, Sunnyside has had very little sales volume relative to other neighborhoods with $174.7 million in sales volume in the last two years. For development, Sunnyside has had very little major development activity relative to other neighborhoods.It had 208,722 square feet of commercial and multi-family construction under development in the last two years, which represents 0.89 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the eight commercial properties representing 5,148 square feet of the 66,373 square feet. The identified owner is John Hodany. There are no active new building construction projects on this tax block.

The majority, or 53 percent of the 66,373 square feet of built space are retail buildings, with residential walkup buildings next occupying 47 percent of the space.

The buyer

The PincusCo database currently indicates that Ampiera Group owned at least one commercial property with 22,170 square feet and a city-determined market value of $5.6 million. (Market value is typically about 50% of actual value.) The portfolio has $7 million in debt, borrowed from Industrial and Commercial Bank of China. The portfolio consists of at least a single mixed-use property. It is located in Queens.

Surrounding

Within a 400-foot radius of 45-02 Queens Boulevard, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was in new building development. It was a new building permit issued on July 1, 2020 for a 17,281-square-foot R-2 building with 19 residential units at 46-11 Queens Boulevard.
One of those five items was a sale which Jemstone Group bought the 28,800-square-foot, 32-unit mixed-use building (K4) on 46-27 Greenpoint Avenue for $14.2 million from Francine Israel on October 8, 2021.
Of those five items, three were loans above $5 million totaling $51.6 million. The most recent of the three was BLDG Management which borrowed $26 million from Provident Bank secured by the 10,350-square-foot, nine-unit retail building (K1) on 45-18 Greenpoint Avenue and six other properties on November 15, 2021.

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