Arben Zharku, others pay $2.8M for 17-unit walkup in Woodside

Arben Zharku, Yleber Zharku, and Rifat Lecaj through the entity 39-12 62nd Street LLC paid $2.8 million to Larry Altschul through the entity P. Altschul Realty LLC for the 17-unit residential walkup building (C1) at 39-12 62nd Street in Woodside, Queens.
The deal closed on March 16, 2023 and was recorded on March 31, 2023. The property has 10,000 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $280 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 Larry Altschul was Larry Altschul. The signatory for Arben Zharku, Yleber Zharku, and Rifat Lecaj was Arben Zharku, Yleber Zharku, and Rifat Lecaj. The contract date was August 2, 2022.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Arben Zharku had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Larry Altschul had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Larry Altschul, head officer and Thomas Karfunkel, officer. The business entity is P Altschul Realty LLC. The 10,000-square-foot property generated revenue of $203,477 or $20 per square foot, according to the most recent income and expense figures.

The property

The 39-12 62nd Street parcel has frontage of 40 feet and is 99 feet deep with a total lot size of 3,960 square feet. The zoning is R5D which allows for up to 2 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $625,000.

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 two housing violations and $50 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 block

On this tax block, PincusCo has identified the owners of five of the 10 commercial properties representing 56,825 square feet of the 118,824 square feet. The largest owner is Peter Panas, followed by Peter Asadourian and then LIRR.
There are no active new building construction projects on this tax block.

The majority, or 53 percent of the 118,824 square feet of built space are walkup buildings, with retail buildings next occupying 22 percent of the space.

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