Bowl360 pays $8.4M for bowling alley in Ditmars Steinway

Dhandeo Mohabir’s Bowl360 through the entity D&S Concepts Group 1945 NY LLC paid $8.4 million to Linda Zahn through the entity Maric 1945 LLC for the bowling alley building (P6) at 19-45 49th Street in Ditmars Steinway, Queens. The expected use is owner-occupied. Bowl360 is already occupying the space.
The deal closed on December 18, 2024 and was recorded on December 26, 2024. The property has 23,311 square feet of built space and 2,017 square feet of additional air rights for a total buildable of 25,217 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $362 and the price per buildable square foot is $335 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 Linda Zahn was Linda Zahn. The signatory for Dhandeo Mohabir was Dhandeo Mohabir. The contract date was May 30, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Dhandeo Mohabir had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Linda Zahn had not purchased any other properties and had not sold any properties over the same time period.

The property

The specialty building in Ditmars Steinway has 23,311 square feet of built space and 2,017 square feet of additional air rights for a total buildable of 25,217 square feet according to a PincusCo analysis of city data. The parcel has frontage of 252 feet and is 100 feet deep with a total lot size of 25,217 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $2.2 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 received $250 in OATH penalties 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 Ditmars Steinway, The bulk, or 41 percent of the 11.3 million square feet of commercial built space are walkup buildings, with industrial buildings next occupying 25 percent of the space. In sales, Ditmars Steinway has had very little sales volume relative to other neighborhoods with $117.2 million in sales volume in the last two years. For development, Ditmars Steinway has had very little major development activity relative to other neighborhoods.It had 480,723 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 14 commercial properties representing 18,750 square feet of the 122,500 square feet. The largest owner is Chris Paravalos, followed by Theodore Theodoropoulos and then City Of New York.
There are no active new building construction projects on this tax block.

The majority, or 55 percent of the 122,500 square feet of built space are industrial buildings, with office buildings next occupying 42 percent of the space.

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