Amarbin Ahmed pays $9.5M for two properties in Jamaica
91-14 175th Street (Credit - Google)
Amarbin Ahmed through the entity Az 175th Street LLC paid $9.5 million to Dilruba Hussain through the entity 175th Street Associates LLC for the 24-unit rental condo at 91-14 175th Street in Jamaica, Queens and office condo at 91-14 175th Street in Jamaica, Queens.
The deal closed on July 27, 2022 and was recorded on August 18, 2022.The two properties have 36,105 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $263 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 Dilruba Hussain was Dilruba Hussain. The signatory for Amarbin Ahmed was Amarbin Ahmed.
Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 91-14 175th Street.
Prior sales and revenue
Prior to this transaction, Pincusco has no record that the buyer Amarbin Ahmed had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Dilruba Hussain had not purchased any other properties and had not sold any properties over the same time period.
The property
The 91-14 175th Street parcel has a total lot size of 19,485 square feet. The property has a 421A exemption that started in 2012 and expires in 2027. The city-designated market value for the property in 2022 is $4.1 million.
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Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have not received any significant violations 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 block
On the tax block of 91-14 175th Street, PincusCo has identified the owners of one of the 11 commercial properties representing 3,120 square feet of the 67,867 square feet. The identified owner is Lewis R. Brestin.
There are no active new building construction projects on this tax block.
The majority, or 90 percent of the 31,762 square feet of built space are mixed-use buildings, with office buildings next occupying 10 percent of the space.
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