Ankit Mehta pays $6.5M for retail in Woodside

Ankit Mehta through the entity Broadwood Realty LLC paid $6.5 million to Estate of Fazlur Khan through the entity 30-44 32nd Street LLC for the retail building (K1) at 63-12 Broadway in Woodside, Queens.
The deal closed on November 17, 2023 and was recorded on November 29, 2023. The property has 7,750 square feet of built space and 6,095 square feet of additional air rights for a total buildable of 13,852 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $838 and the price per buildable square foot is $469 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 May 8, 2014, for $5.5 million. The signatory for Estate of Fazlur Khan was Shahnara Khan. The signatory for Ankit Mehta was Ankit Mehta. The contract date was June 30, 2022.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Ankit Mehta had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Estate of Fazlur Khan had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in Woodside has 7,750 square feet of built space and 6,095 square feet of additional air rights for a total buildable of 13,852 square feet according to a PincusCo analysis of city data. The parcel has frontage of 101 feet and is 119 feet deep with a total lot size of 11,082 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. 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 received $2,440 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 neighborhood

In Woodside, The bulk, or 27 percent of the 12.7 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 23 percent of the space. In sales, Woodside has had very little sales volume relative to other neighborhoods with $154 million in sales volume in the last two years. For development, Woodside has had very little major development activity relative to other neighborhoods.It had 798,815 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 59 percent of the 18,986 square feet of built space are mixed-use buildings, with retail buildings next occupying 41 percent of the space.

The seller

The PincusCo database currently indicates that Estate Of Fazlur Khan owned at least one commercial property with 41 residential units in New York City with 30,000 square feet and a city-determined market value of $2.9 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Queens.

Direct link to Acris document. link