Benjamin Werber of Werber Management pays $24M for retail property in Jackson Heights

Benjamin Werber of Werber Management through the entity Roosevelt 72 LLC paid Delwar Hussain’s Delco Properties, LLC $24 million for 72-11 Roosevelt Avenue in Jackson Heights. The deal closed on May 21, 2020, and was recorded on May 29, 2020. The transaction consists of 1 parcel, including the tax class one-story store building (K1). The property is 21,486 square feet. The parcel(s) have total development potential of 60,904 square feet.
The average sale price per square foot is $394.
As part of this acquisition, Werber borrowed $12 million from Signature Bank.

72-11 Roosevelt Avenue (Credit: Google Earth)

The contract was signed January 3, 2020. Hussain signed a previous contract in June 2013 to sell the building for $16 million with the closing set on or about December 30, 2013 to Ai Yun Chen. That contract was terminated in March 2015.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on November 16, 2018.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $521,695.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

Share this article