Tag Archives: Greiner-Maltz Investment Properties

Strong game plan ignites a bidding war in Ridgewood


By Queens Courier Staff | editorial@queenscourier.com

Photos courtesy of Greiner Maltz

Two mixed-use properties, situated one block from each other, were held in an estate. Despite their ideal location in the rapidly developing neighborhood of Ridgewood, their sale faced a particular challenge.

The executor of the estate could not act independently, as he was accountable to multiple family members who held conflicting perspectives regarding the handling of the properties. For the sake of simplicity, they desired to sell the properties as a single package. The executor lives out of town and is neither familiar with the neighborhood nor its local market, and did not know how best to proceed, much less negotiate with the relevant parties.

Taking a referral from his lawyer, the executor contacted Swain Weiner at Greiner-Maltz Investment Properties. After targeted research on comparable sales in the area, Weiner executed appropriate asking prices for each property that would both push the market in the favor of his client and maintain the ability to attract prospective buyers.

Tailored marketing strategies were implemented for both properties as each was introduced to the market. Weiner made personal phone calls to owners in the area who held similar properties, and oversaw an effort that distributed postcard advertisements via direct mail, and sent listings via email. The market for potential buyers was completely covered.

Not only were the properties sold simultaneously and within an efficient time period, but they also sparked bidding wars. Each resulted in separate buyers purchasing the properties at their full asking price, closing at only 60 and 40 days’ due diligence respectively. The final purchasing price for one of the properties set a new record in the area, selling at 31 times the rent roll.

Its impressively low capitalization rate—coming in at 2.7 percent—is similar to what is seen in Manhattan. The other property’s full asking price was met at 14 times the rent roll, representing a 5.5 capitalization rate (a rate that is still quite low for the area).

With the two properties yielding an optimized purchasing price far above the sales price of a package deal, Weiner not only effectively served the interests of the estate, but far exceeded their expectations.

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Imagine a Ridgewood waterfront hotel at Newtown Creek


| lguerre@queenscourier.com

Map via Google

Today Newtown Creek stands as one of the “nation’s most polluted waterways,” according to the U.S. Environmental Protection Agency (EPA), as a result of industrial contamination from nearby factories and raw sewage dumping that dates back to the 1800s.

But listed as a Superfund site since 2010 and with an ongoing remedial process, brokers at Greiner-Maltz Investment Properties are marketing a site across from a section of the infamously contaminated body of water that could be in high demand after the grimy, toxic 3.8-mile creek is cleaned up.

The site sits at the edge of Ridgewood near the border of East Williamsburg and Maspeth to the north. It begins where Metropolitan and Onderdonk avenues intersect, and is surrounded by various factories in the neighborhood.

An existing 4,225-square-foot building with the address 46-00 Metropolitan Ave. is on the site, which is being used as an auto junk yard. The property has up to 40,720 square feet of buildable space zoned for manufacturing, but an investor could redevelop it into a hotel — with views of the now-mucky creek — brokers said.

“We’re getting a lot of interest. Some investors feel that this area is going to change,” said John Orgera, director of sales for Greiner-Maltz. “There are talks about the cleanup of Newtown Creek. There is bike lane proposed for that area. So people are optimistic.”

Orgera and John Gonsalves are marketing the property, which they said could also be used for a retail space or mixed-use office. The asking price is $7,250,000.

The closest train station from the site is the Jefferson Street L stop, which is a 10-minute walk. Nearby the site is a popular restaurant, Bun-Ker Vietnamese, and a few blocks further is the Knockdown Center event hall in Maspeth. Continue on Metropolitan Avenue past Flushing Avenue and the street becomes a commercial strip with restaurants and stores.

An environmental study will have to be performed in the event that a developer intends to build on the marketed site, and the property may need a cleanup of its own if serious contaminants are found, but investors could lose out big if they don’t act, the brokers said. The remedial investigation of the Newtown Creek started in its second phase last year, according to the EPA.

“Once it’s cleaned up it’s only going to get more expensive,” Gonsalves said. “There isn’t any more land. What may be expensive today could be a steal in five years.”

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Irregularly shaped Ridgewood block with development potential for sale


| lguerre@queenscourier.com

Photo courtesy of Greiner Maltz Investment Properties

That’s one tasty looking block for investors.

A pizza-slice-shaped block in Ridgewood with two one-story buildings is being marketed for about $5 million as the real estate market in the neighborhood continues to boom, following recent big transactions and plans to construct large developments.

The small block is a triangle formed at the intersection of Fresh Pond Road and Cypress Hills Street, with 70th Avenue to the south. Currently, the approximately 6,733-square-foot lot holds a laundromat and a café.

What may be particularly attractive to investors is that the property has a residential zoning and an extra 7,366 square feet of additional air rights, and can go up to a maximum height of 50 feet, or about five stories.

The price breaks down to nearly $360 per buildable square foot for the property, which is much higher than the average of about $220 in Ridgewood, according to broker John Gonsalves of Greiner Maltz Investment Properties. However, the property has already received many offers as that price is still relatively low compared to other parts of the city.

“We have received several full-priced offers. I thought it was a little rich for the market but apparently the market thought otherwise,” Gonsalves said. “There is definitely a lot of interest from Brooklyn and Manhattan investors. They see Ridgewood as a steal.”

Photo courtesy of Nicholas Strini/PropertyShark 

Photo courtesy of Nicholas Strini/PropertyShark

Another reason for the $5 million price tag is that the buildings are already fully leased with retail tenants, and those properties tend to trade at higher prices, Gonsalves said.

He added that one interested real estate investor is a developer who has had projects in Williamsburg, Brooklyn, and sees the opportunity with this property to collect rent from the retail tenants for a few years before developing it when values in the neighborhood increase.

The laundromat, which has a three-year lease, and the café combine to give possible owners a net income of more than $200,000 annually.

The building is a few blocks away from the Fresh Pond Road M train subway station to the north, and not far from the Myrtle Avenue commercial strip to the south, making it attractive for possible future residents.

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Queens – the best spot for commercial investment


By Queens Courier Staff | editorial@queenscourier.com

Photo courtesy of Scott Bintner/PropertyShark

BY SWAIN WEINER 

Swain Weiner is president, partner and founder of Greiner-Maltz Investment Properties, which specializes in all types of commercial investment sales throughout the five boroughs and Long Island. Before Greiner-Maltz, Weiner sold more than $215,000,000 in aggregate sales with more than 1,300 residential units.

Predictions for the state of the real estate market in Queens are in, and things are looking fantastic.

Many consider Queens to be the new Brooklyn as buyers are moving out of the popular borough into Queens due to high prices. Queens is also appealing to buyers due to its proximity to Manhattan and the proliferation of restaurants, condos and retail venues.

Inventory is limited and prices are increasing, serving as a good indication that those who are involved in the real estate market in Queens will benefit in a rising marketplace. An increase in the number of sales has also been seen, as well as a decrease in negotiability.

The economy in Queens is the greatest contributor to the state of commercial real estate. Out of all five boroughs in New York, it has the second largest in population and boasts the most diversified economy.

Queens also has many jobs that are based on exports outside of the region, which aids in drawing interest to the area. What is amazing about the area, particularly for workers and consumers is that no one industry dominates the local economy. It is instead comprised of many large-scale industries and small businesses that bring commerce and jobs to the area. For example, the airline industry supplies a number of careers in the neighborhoods surrounding LaGuardia and JFK. Healthcare is also a booming industry in the borough along with social assistance. As globalization continues to grow in Queens, more opportunities are sure to follow.

Many of the families residing in Queens have rich and diverse cultures. This brings a variety of businesses and opportunities to the area along with a burgeoning social scene. These developments and constant growth lead to a variety of opportunities for commercial investors. Hotels, high-rises, apartment complexes, parks, etc. are being built to address the demand for the borough.

One of the most dynamic driving forces behind the increased demand in Queens is the interest of foreign investors. Investors from all over the world, particularly China, are showing an increased interest in the area.

There have been reports of sales occurring and offers being extended without some investors even seeing the properties. Foreign investors from as far as Nepal and as close as Canada are entering the commercial real estate market in Queens, signaling a revival in the borough’s real estate market.

Queens is becoming such an exciting place and a promising location for everything. Everywhere you look, more small businesses and entrepreneurs are emerging. The borough is continuing to attract the interest of international investors and businesses. Artists, students and young families are flocking to the area for more affordable housing options. This is a great time to pursue commercial real estate in Queens.

Swain Official Headshot (1)

Swain is very civic-minded. He currently volunteers his time in the following positions:

• Vice President – Astoria Kiwanis

• Board member – Astoria Civic Association

• Board member – Astoria Local Development Association

• Board member – East River Kiwanis

• Board member- Queens Symphony

• Past President – Sunnyside Chamber of Commerce

• Member – LIC Partnership

• 82nd Street Partnership Steering Committee

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Broker of the Week: Swain Weiner, Greiner-Maltz Investment Properties


| lguerre@queenscourier.com

Photo courtesy of Greiner Maltz Investment Properties 

Swain Weiner is president, partner and founder of Greiner-Maltz Investment Properties, which specializes in all types of commercial investment sales throughout the five boroughs and Long Island. Before Greiner-Maltz, Weiner sold more than $215,000,000 in aggregate sales with more than 1,300 residential units. Weiner also serves as vice president of the Astoria Kiwanis, a board member of the Astoria Civic Association and Central Astoria LDC, a member of the LIC Partnership, a board member of Queens Symphony and past president of the Sunnyside Chamber of Commerce. He sat down with Real Estate Editor Liam La Guerre to talk about the Queens market.  

La Guerre: Right now the Queens market is hot in certain areas. Do you think owners should sell property now before land prices fall?

Weiner: I kind of think we are reaching the top of the cycle now. A lot of properties are even higher than they were pre-2007 when the market was at its strongest point. The question I think owners have to ask themselves is how much more do they think they can make versus how much they can lose if there is a correction. If the loss is greater than the gain, then they should sell.

La Guerre: And many are. But owners of many manufacturing sites and buildings in Queens are selling their properties for huge numbers to residential developers, who are looking to maximize profits. But people have said this is damaging an industry here. What do you think?

Weiner: The problem is those opportunities for business in the United States have left. They are being outmaneuvered by foreign trade. If you rezone those neighborhoods back for factories then there’ll have to be tax incentives as well. And if there isn’t then I think it’s just window dressing. I’m not saying to blow everybody up because of residential development. I think a balance between those two will be totally interesting. But how do you get those guys to stay when you’ve got 10 years left to work and you’re getting money now to walk away from the land? So I think it would be great to keep, but I don’t see how the economics come into play.

La Guerre: What Queens projects are you looking forward to and why?

Weiner: I’m really happy about the Astoria Cove project. I think that’s going to really put Astoria on the map. The other project that I really like a lot is the Willets Point transformation. I think that’s going to be a major help in bringing Corona to a higher level and also to unite Flushing and Corona together. I think that’s going to open up that part of Queens, because Corona has been lagging behind in comparison to Flushing. Then what I think will happen is Jackson Heights will start to feel the overflow and Elmhurst will take some of the overflow and East Elmhurst will feel it also.

La Guerre: But doesn’t the Willets Point project still have lots of opposition?

Weiner: There are some eminent domain issues with it, but the city will work through that stuff.

La Guerre: What is one thing that you would you like to see happen going forward?

Weiner: Generally, people that invest in real estate are kind of juxtaposed to the stock market. At a certain point many people that have owned properties for a number of years, and either their kids don’t want them or they don’t want to deal with it anymore, they would like to see and take the money out. But they can’t because by the time the accountant advises them, they are looking at a 35 percent tax liability and basically all of their hard work is going to the government. So I think if there was a relaxation on some of that, you could possibly see more sales.

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