Body shop owner pays $6.2M for auto repair building in Glendale

Emil Izrailov, an auto repair owner, through the entity Mullouk LLC paid $6.2 million to Shafqat I. Chaudry through the entity C Five New York LLC for the auto repair building (F9) at 88-43 76th Avenue in Glendale, Queens. The expected use is owner-occuped. Emil Izrailov also leads Maccabi Auto Body, also in Queens.
The deal closed on September 18, 2024 and was recorded on September 23, 2024. The property has 13,654 square feet of built space and 30,360 square feet of additional air rights for a total buildable of 44,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $455 and the price per buildable square foot is $141 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 seller bought the property on August 1, 2013, for $2.6 million. The signatory for Shafqat I. Chaudry was Shafqat I. Chaudry. The signatory for Emil Izrailov was Emil Izrailov. The contract date was July 4, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Emil Izrailov had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Shafqat I. Chaudry had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Glendale has 13,654 square feet of built space and 30,360 square feet of additional air rights for a total buildable of 44,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 220 feet and is 100 feet deep with a total lot size of 22,000 square feet. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1.9 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 Glendale, The bulk, or 36 percent of the 6.3 million square feet of commercial built space are mixed-use buildings, with industrial buildings next occupying 27 percent of the space. In sales, Glendale has the 26th highest sale turnover among other neighborhoods in Queens with $54.7 million in sales volume in the last two years. For development, Glendale has had very little major development activity relative to other neighborhoods.It had 41,827 square feet of commercial and multi-family construction under development in the last two years, which represents 0.67 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 10 commercial properties representing 14,595 square feet of the 74,623 square feet. The identified owner is Hui Mei Lin.
There are no active new building construction projects on this tax block.

The majority, or 90 percent of the 74,623 square feet of built space are industrial buildings, with retail buildings next occupying 6 percent of the space.

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