Adjacent Elmhurst walkups with 16 units sell for $3.8M

Two entities registered with the law firm Cohen & Cohen Law Group paid $3.8 million to Tommy Thomas and Kevin Thomas for adjacent residential walkups in Elmhurst, Queens, in two transactions.

In the first, the entity 76-17 47th Av LLC paid $1.9 million to Tommy Thomas and Kevin Thomas through the entity Kt&T LLC for the eight-unit residential walkup building (C1) at 76-17 47th Avenue in Elmhurst, Queens. The expected use is cash flowing.
The deal closed on August 21, 2024 and was recorded on August 28, 2024. The property has 3,960 square feet of built space and 839 square feet of additional air rights for a total buildable of 4,798 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $482 and the price per buildable square foot is $398 per the PincusCo analysis.

In the second, the entity 76-19 47th Av LLC paid $1.9 million to Tommy Thomas and Kevin Thomas through the entity Kt&T LLC for the eight-unit residential walkup building (C1) at 76-19 47th Avenue in Elmhurst, Queens. The expected use is cash flowing. The deal closed on August 21, 2024 and was recorded on August 28, 2024. The property has 3,960 square feet of built space and 2,640 square feet of additional air rights for a total buildable of 6,600 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $482 and the price per buildable square foot is $289 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 signatory for Tommy Thomas and Kevin Thomas was Tommy Thomas and Kevin Thomas. The signatory for Cohen & Cohen Law Group registered was Albert Cohen. The contract date was March 20, 2024.

Prior sales and revenue

The former owners according to the Department of Housing Preservation and Development includes Tom Thomas, head officer and Renu Thomas, officer. The business entity is Kt & T Llc.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $100 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of two of the eight commercial properties representing 6,720 square feet of the 29,889 square feet. The two identified owners are Hasan Saleh and John Pappalardo.
There are no active new building construction projects on this tax block.

All properties are walkup.

Direct link to Acris document. link