Bank forecloses after 11 years on 4 Jamaica walkups through $3.6M auction

Maspeth Federal Savings and Loan Association through the entity M.A.B. Realty, Inc. as the former lender took title to four, four-unit buildings (C3) from 92-08 175th Street to 92-14 175th Street in Jamaica, Queens, with a bid of $3.6 million at a foreclosure auction. The former owner was Sepideh Hosseinipoor. The foreclosure case spanned 11 years. The foreclosure case was initiated in 2013 but we refiled under index number 710215/2021.
The deal closed on June 28, 2024 and was recorded on July 25, 2024. The four properties have 14,950 square feet of built space and 4,480 square feet of additional air rights for a total buildable of 17,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $240 and the price per buildable square foot is $211 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 Sepideh Hosseinipoor was Yvette Dudley. The contract date was June 28, 2024. This is a foreclosure sale in which the bank is taking the property at auction. It is not arms length.

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 92-08 175th Street.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Maspeth Federal Savings and Loan Association purchased one property in one transaction for a total of $3.5 million and has no record it sold any properties over the past 24 months.
The former owner Sepideh Hosseinipoor 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 Essy Hosseinipour, head officer and Arsham Hosseinipour, agent. The business entity is Hova Management Group Corp.

Violations and lawsuits

The properties were involved in zero lawsuits and one bankruptcy over the past two years. The bankruptcy was filed on March 16, 2023, by Esmaeil Hosseinipour, Sepideh Hosseinpoor, and Habibolah Vafai citing assets of $4.8 million. In addition, according to city public data, the properties have received 35 housing violations, $8,550 in OATH penalties, and two housing litigations in the last year.

Development

For the tax lot buildings, four out of the four buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 92-08 175th Street, PincusCo has identified the owners of two of the 10 commercial properties representing 4,480 square feet of the 30,253 square feet. The two identified owners are Juan P. Liz and Singh Ronald.
There are no active new building construction projects on this tax block.

All properties are mixed-use.

The buyer

The PincusCo database currently indicates that Maspeth Federal Savings And Loan Association owned at least one commercial property in New York City with 2,875 square feet and a city-determined market value of $797,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Queens.

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