Humayen Khan files plans for 88-unit building in Middle Village

Humayen Khan submitted a new building construction project for an 88-unit, 97,414 square-foot residential (R-2) building at 62-06 Woodhaven Boulevard in Middle Village, Queens. The plan was filed with the New York City Department of Buildings on November 22, 2023 under job number Q00904071. It calls for the construction of a seven-story building. The project is described in the filing as: new construction seven-story residential building with college and sleeping accommodation function, retail on first floor and parking in cellar and first floor. The architect is Inoa Architecture Inc.
Shahanara Khan borrowed $7.8 million from Signature Bank secured by this tax lot on March 25, 2020.

The property

The retail building in Middle Village has 19,285 square feet of built space and 78,709 square feet of additional air rights for a total buildable of 98,080 square feet according to a PincusCo analysis of city data. The parcel has two buildings with frontage of 290 feet and is 102 feet deep with a total lot size of 24,520 square feet. The lot is irregular. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $5.1 million. The most recent loan totaled $7.8 million and was provided by Signature Bank on March 25, 2020.

Prior sales and revenue

This property was sold for $19 million on September 26, 2016.

The 19,285-square-foot property generated revenue of $852,229 or $44 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has received five DOB violations and $1,280 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Middle Village, The bulk, or 22 percent of the 3.2 million square feet of commercial built space are specialty buildings, with industrial buildings next occupying 21 percent of the space. In sales, Middle Village has near average sales volume among other neighborhoods with $27.1 million in sales volume in the last two years and is the 41st highest in Queens. For development, Middle Village has near average amount of major developments among other neighborhoods and is the 35th highest in Queens. It had 95,988 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the six commercial properties representing 745,676 square feet of the 799,499 square feet. The largest owner is Cammeby’s International Group, followed by Jonathan Strasser and then Shahanara Khan. On the tax block, there was one new building construction project filed totaling 97,414 square feet. It is a 88-unit, 97,414 square-foot residential (R-2) building submitted by Humayen Khan and filed by Humayen Khan with plans filed November 22, 2023 and it has not been permitted yet.

The owner

The PincusCo database currently indicates that Shahanara Khan owned at least six commercial properties with 89 residential units in New York City with 82,605 square feet and a city-determined market value of $13.7 million. (Market value is typically about 50% of actual value.) The portfolio has $14.3 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 77 percent of the 82,605 square feet of built space are walkup properties, with retail properties next occupying 23 percent of the space. They are all located in Queens.

The surrounding

This is the first commercial real estate event of interest identified within the 400-foot radius of 62-06 Woodhaven Boulevard in the past 24 months.

Direct link to the property’s ACRIS page and link to DOB NOW portal.