Amir Khan pays $7M for possible dev site in Jamaica

Amir Khan through the entity Amir Family Realty LLC paid $7 million to the Bokhour family through the entity Capri Realty Company for the retail building (K1) at 168-02 Hillside Avenue in Jamaica, Queens. Based on the price paid, this is likely a development site.
The deal closed on April 24, 2023 and was recorded on May 2, 2023. The property has 7,184 square feet of built space and 28,736 square feet of additional air rights for a total buildable of 35,920 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $974 and the price per buildable square foot is $194 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 Elyas Bokhour, Alfred Bokhour, Farhad Bokhour, and Bokhour Family was Alfred Bokhour and Farhad Bokhour. The signatory for Amir Khan was Amir Khan.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Amir Khan had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Elyas Bokhour had not purchased any other properties and had not sold any properties over the same time period. The 7,184-square-foot property generated revenue of $393,412 or $55 per square foot, according to the most recent income and expense figures.

The property

The retail building in Jamaica has 7,184 square feet of built space and 28,736 square feet of additional air rights for a total buildable of 35,920 square feet according to a PincusCo analysis of city data. The parcel has frontage of 108 feet and is 61 feet deep with a total lot size of 7,184 square feet. The lot is irregular. The zoning is R7X which allows for up to 5 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.3 million.

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 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 $1 million on this tax lot.

The neighborhood

In Jamaica, The bulk, or 34 percent of the 29.2 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 14 percent of the space. In sales, Jamaica has near average sales volume among other neighborhoods with $380.7 million in sales volume in the last two years and is the 5th highest in Queens. For development, Jamaica has 3.6 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Queens. It had 3.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.

The block

On the tax block, there was one new building construction project filed totaling 11,469 square feet. It is a 10-unit, 11,469 square-foot residential (R-2) building submitted by Mirza Rahman with plans filed January 30, 2018 and permitted January 15, 2019.

The majority, or 52 percent of the 31,160 square feet of built space are elevator buildings, with retail buildings next occupying 43 percent of the space.

The seller

The PincusCo database currently indicates that Farhad Bokhour owned at least six commercial properties with 58 residential units in New York City with 59,434 square fee. Within the portfolio, the bulk, or 75 percent of the 59,434 square feet of built space are walkup properties, with elevator properties next occupying 18 percent of the space. The bulk, or 71 percent of the built space, is in Brooklyn, with Manhattan next at 29 percent of the space.

Direct link to Acris document. link