Kamin Realty pays $9.8M to Mark Development for three retail properties in Springfield Gardens

Kamin Realty through the entity Daniel G. Kamin Queens, LLC paid $9.8 million to Mark Development through the entity Madison Queens-Guy Brewer LLC for the midblock retail building at 161-37 128th Avenue in Springfield Gardens, Queens, midblock retail building at 127-04 Baisley Boulevard in Springfield Gardens, Queens, and midblock retail building at 161-36 Baisley Boulevard in Springfield Gardens, Queens.
The deal closed on February 18, 2022 and was recorded on March 11, 2022. The three properties have 13,901 square feet of built space and 7,495 square feet of additional air rights for a total buildable of 18,240 square feet according to PincusCo analysis of city data. The sale price per built square foot is $703 and the price per buildable square foot is $536 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.)

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 127-04 Baisley Boulevard.

Prior sales and revenue

The three properties with a total of 13,901 square feet of built space generated revenue of $449,058 per year or $32 per square foot. The sale price per square foot was $704.

The property

The 127-04 Baisley Boulevard parcel has frontage of 193 feet and is 156 feet deep with a total lot size of 24,180 square feet. The lot is irregular. The zoning is R3X 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 $2.8 million.
The 161-37 128th Avenue parcel has frontage of 99 feet and is 90 feet deep with a total lot size of 8,118 square feet. The lot is irregular. The zoning is R3X 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 $1.3 million.
The 161-36 Baisley Boulevard parcel has frontage of 50 feet and is 83 feet deep with a total lot size of 4,183 square feet. The zoning is R3X 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 $613,000.

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 not received any significant violations in the last year.

Development

For the tax lot buildings, one out of the three buildings received an initial certificate of occupancy in the last ten years. 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 Springfield Gardens, the majority, or 70 percent of the 6.1 million square feet of built space are 1-4 family buildings, with specialty buildings next occupying 10 percent of the space. In sales, Springfield Gardens has the 50th highest sale turnover among other neighborhoods in Queens with $3.1 million in sales volume in the last two years. For development, Springfield Gardens has had very little major development activity relative to other neighborhoods.It had 2,379 square feet of commercial and multi-family construction under development in the last two years, which represents 0.04 percent of the neighborhood’s built space.

The block

There are eight active new building construction projects totaling 10,260 square feet. The largest is a two-unit, 2,265-square-foot R-3 building developed by Anthony Namdar with plans filed August 11, 2016 and it has not been permitted yet. The second largest is a two-unit, 2,265-square-foot R-3 building developed by Anthony Namdar with plans filed August 11, 2016 and it has not been permitted yet.

The majority, or 70 percent of the 46,872 square feet of built space are 1-4 family buildings, with retail buildings next occupying 30 percent of the space.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 127-04 Baisley Boulevard that occurred over the past 24 months.

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