$8.25M pre-foreclosure at Forest Hills commercial, dev site owned by family with internal disputes

The lender 6902 Austin St Lender LLC, with anonymous ownership, filed an $8.25 million pre-foreclosure action on November 9, 2023, related to three adjacent tax lots with the addresses 68-90 and 69-02 Austin Street composed of a commercial property and two vacant tax lots.

The properties are owned by the entity Austin Properties Enterprises LLC, which counted Faraidoon Golyan and Bijan Golyan as signatories. Bijan died on June 19, 2020.

According to the lender’s court papers, this is an action, “to foreclose on a Collateral Mortgage, dated April 10, 2006, executed by Austin Properties Enterprises LLC, to secure the sum of $8,250,000.”

The Golyan family of Great Neck has been involved in more than a half-dozen lawsuits in recent years including over the ownership of a small portfolio of properties including this one. One of the brothers, Faraidoon Golayan, in May 2023 filed to place a Rego Park property in bankruptcy protection as it was under pressure of foreclosure.

The property

The office building in Forest Hills has 20,250 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 90 feet deep with a total lot size of 6,750 square feet. The zoning is R5D which allows for up to 2 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4.1 million.

Prior sales and revenue

This property was sold for $7 million on April 10, 2006.

The 20,250-square-foot property generated revenue of $653,873 or $32 per square foot, according to the most recent income and expense figures.

Development

Over the past five years, there has been no NYC Department of Buildings new building, demolition, or alteration permit application valued at more than $20,000 filed for this parcel.

Violations and lawsuits

According to city public data, the property has received $50 in OATH penalties in the last year.

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $12 million judgment concerning a accounting filed on June 10, 2022, by Joseph Golyan against Faraidoon Golyan.

The neighborhood

In Forest Hills, The majority, or 61 percent of the 14.7 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 12 percent of the space. In sales, Forest Hills has near average sales volume among other neighborhoods with $115.5 million in sales volume in the last two years and is the 20th highest in Queens. For development, Forest Hills has near average amount of major developments among other neighborhoods and is the 12th highest in Queens. It had 548,808 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 21 commercial properties representing 417,418 square feet of the 534,164 square feet. The largest owner is Forest Hills Property Group, followed by Ilysa Mikhailov and then Lirr. There are no active new building construction projects on this tax block.

The surrounding

Within a 400-foot radius of 69-02 Austin Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months. Of those two items, two were loans above $5 million totaling $22 million. The most recent of the two was LTNG in which borrowed $5.2 million from Thorofare Capital secured by 10 condo units in the 11,200-square-foot, 10-unit mixed-use building (RC) on 69-30 Austin Street on July 21, 2022.

Direct link to the property’s ACRIS page.