Atlantis Management pays $4.9M to LargaVista for gas station in Jamaica

Atlantis Management Group through the entity 97-44 Sutphin Realty LLC paid $4.9 million to LargaVista Companies through the entity Palmana Realty Corp for a gas station (G3) at 97-44 Sutphin Boulevard in Jamaica, Queens.
The deal closed on September 29, 2021 and was recorded on October 15, 2021.
The property has 400 square feet of built space and 30,591 square feet of additional air rights for a total buildable of 31,005 square feet according to PincusCo analysis of city data. The sale price per built square foot is $12,187 and the price per buildable square foot is $157 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 LargaVista Companies was Adam Good. The signatory for Atlantis Management Group was Aytug-Tumay Basaranlar.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $110,000.

Within a 400-foot radius of 97-44 Sutphin Boulevard, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit issued on June 11, 2020 for a 36,389-square-foot hotel R-1 building with 114 hotel units at 97-11 Sutphin Boulevard.
Of those three items, two were loans above $5 million totaling $19.1 million. The most recent of the two was Surjeet Kaur which borrowed $6.0 million from Philip Baldeo secured by the 8,722-square-foot, 89-unit hotel (H3) on 147-16 97th Avenue on February 14, 2020.

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