Bukharian Community Center pays $4.6M to Avraham Dishi for retail in Fresh Meadows

The Bukharian Community Center paid $4.6 million to Avraham Dishi through the entity Dlrmd Realty Company LLC for retail building (K1) at 185-01 Union Turnpike in Fresh Meadows, Queens.
The deal closed on February 7, 2023 and was recorded on March 9, 2023. The property has 4,836 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $951 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 April 6, 2005, for $900,000. The signatory for Avraham Dishi was Avraham Dishi. The signatory for Bukharian Community Center was Boris Aronov. The Bukharian Jewish Congregation Of Jamaica Estates is at the same owner address, 80-14 Chevy Chase Street.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Bukharian Community Center had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Avraham Dishi had not purchased any other properties and had not sold any properties over the same time period. The 4,836-square-foot property generated revenue of $277,103 or $57 per square foot, according to the most recent income and expense figures.

The property

The 185-01 Union Turnpike parcel has frontage of 54 feet and is 126 feet deep with a total lot size of 6,103 square feet. The lot is irregular. The zoning is R2A which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The neighborhood

In Fresh Meadows, the bulk, or 45 percent of the 4.4 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 29 percent of the space. In sales, Fresh Meadows has the 55th highest sale turnover among other neighborhoods in Queens with $5 million in sales volume in the last two years. For development, Fresh Meadows has had very little major development activity relative to other neighborhoods.It had 165,369 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 one of the two commercial properties representing 4,836 square feet of the 13,188 square feet. The identified owner is Elysee Investment Company.
On the tax block, there was one new building construction project filed totaling 5,051 square feet. It is a zero-unit, 5,051-square-foot B building developed by Baljinder P Singh with plans filed August 25, 2022 and it has not been permitted yet.

All properties are retail.

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