Blue Bird hotel in Jamaica sells for $17.2M

An anonymous buyer through the entity 138-68 94 Ave LLC paid $17.2 million to members of the Patel family through the entity Hariohm Realty LLC for the 72-key hotel building (H4) the Blue Bird at 138-68 94th Avenue in Jamaica, Queens. Popular Bank financed the purchase with a $15.5 million loan.
The deal closed on May 9, 2023 and was recorded on May 23, 2023.
The signatory for the seller included Nikul Patel, Harshad S. Patel, Dakshia Patel, Krupali Patel, Narendra Patel, Niseet Patel, and Mitul Patel. The signatory for 138-68 94 Ave LLC was Jeffrey Zwick.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Nikul Patel 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 Nikul Patel, head officer and Harshad Patel, officer. The business entity is Hariohm Realty, Llc.

The property

The parcel has frontage of 95 feet and is 100 feet deep with a total lot size of 9,650 square feet. The lot is irregular. The zoning is C4-5X which allows for up to 4 times floor area ratio (FAR) for commercial and up to 5 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $4.4 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 not received any significant violations 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 Jamaica, The bulk, or 34 percent of the 29.2 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 14 percent of the space. In sales, Jamaica has near average sales volume among other neighborhoods with $338.5 million in sales volume in the last two years and is the 5th highest in Queens. For development, Jamaica has 3.6 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Queens. It had 3.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the four commercial properties representing 143,091 square feet of the 184,266 square feet. The identified owner is Cubesmart.
There are no active new building construction projects on this tax block.

The majority, or 87 percent of the 184,266 square feet of built space are industrial buildings, with hotel buildings next occupying 12 percent of the space.

The seller

The PincusCo database currently indicates that Narendra Patel owned at least one commercial property in New York City with 2,000 square feet and a city-determined market value of $438,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property. It is located in Queens.

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