Abdul Sikder pays $10.4M for retail in Sunnyside

Abdul Sikder through the entity NYC Queens Realty LLC paid $10.4 million to Henry Zheng’s Millenium Queensland Holding LLC for the retail building at 41-17 Queens Boulevard in Sunnyside, Queens.
The deal closed on May 31, 2022 and was recorded on June 27, 2022. The property has 9,500 square feet of built space and 30,500 square feet of additional air rights for a total buildable of 40,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,092 and the price per buildable square foot is $259 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 seller bought the property on December 4, 2013, for $6.9 million.

Prior sales and revenue

The 9,500-square-foot property generated revenue of $517,584 or $54 per square foot, according to the most recent income and expense figures.

The property

The 41-17 Queens Boulevard parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $1,000 in OATH 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 six of the 22 commercial properties representing 38,400 square feet of the 247,326 square feet. The largest owner is Viking Management, followed by Genya Blahy and then Hugo Munoz. There are no active new building construction projects on this tax block.

The majority, or 57 percent of the 247,326 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 36 percent of the space.

Surrounding

Within a 400-foot radius of 41-17 Queens Boulevard, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Thomas G. Korakis borrowed $5 million from First National Bank of Long Island secured by two condo units in the 8,344-square-foot, 37-unit mixed-use building (RM) on 41-02 Queens Boulevard on August 17, 2021.

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