Chetan Singh pays $4M to Dorf Associates for industrial in Jamaica

Chetan Singh through the entity 178-18 107 LLC paid $4 million to Dorf Associates through the entity Ruscoe Properties, Inc. for the industrial building (E1) at 178-18 107th Avenue in Jamaica, Queens.
The deal closed on April 5, 2023 and was recorded on April 20, 2023. The property has 16,000 square feet of built space and 6,194 square feet of additional air rights for a total buildable of 22,124 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $252 and the price per buildable square foot is $182 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 Dorf Associates was Eric Dorf. The signatory for Chetan Singh was Chetan Singh.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Chetan Singh had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Dorf Associates had not purchased any other properties and had not sold any properties over the same time period. The 16,000-square-foot property generated revenue of $187,680 or $12 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Jamaica has 16,000 square feet of built space and 6,194 square feet of additional air rights for a total buildable of 22,124 square feet according to a PincusCo analysis of city data. The parcel has frontage of 201 feet and is 152 feet deep with a total lot size of 22,124 square feet. The lot is irregular. 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 $910,000.

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 $379.7 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 four of the 10 commercial properties representing 28,983 square feet of the 168,663 square feet. The largest owner is Edward W. Golebiewski Iii, followed by Consolidated Edison and then C.A.C. Industries.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 168,663 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that Dorf Associates owned at least five commercial properties in New York City with 131,300 square feet and a city-determined market value of None. (Market value is typically about 50% of actual value.) The portfolio has $14.5 million in debt, borrowed from Woodmen of the World Life Insurance Society. Within the portfolio, all identified are industrial properties. They are all located in Queens.

Direct link to Acris document. link