Constantinos Dramisiotis pays $5.5M to Chetan Patel for industrial building in Woodside

Constantinos Dramisiotis through the entity 60-06 Mgmt. LLC paid $5.5 million to Chetan Patel through the entity Chetan And Manisha Holdings LLC for industrial building at 60-06 27th Avenue in Woodside, Queens.
The deal closed on December 17, 2021 and was recorded on January 24, 2022.
The property has 9,831 square feet of built space for a total buildable of 9,840 square feet according to PincusCo analysis of city data. The sale price per built square foot is $559 and the price per buildable square foot is $558 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 October 16, 2017, for $4.3 million.
The signatory for Chetan Patel was Chetan Patel. The signatory for Constantinos Dramisiotis was Constantinos Dramisiotis.
Prior to this transaction, the buyer Constantinos Dramisiotis had not purchased any other properties and had not sold any properties over the past 24 months.
The seller Chetan Patel had not purchased any other properties and had not sold any properties over the same time period.
The 9,831-square-foot property generated revenue of $196,871 or $20 per square foot, according to the most recent income and expense figures.

(421195959)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building on August 14, 2017. (421195959) Plans for a 0-unit, 9,640 square-foot S-1 were filed on July 29, 2015 and were permitted on September 2, 2016.
In Woodside, the bulk, or 29 percent of the 22.8 million square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 28 percent of the space. In sales, Woodside has had very little sales volume relative to other neighborhoods with $143.7 million in sales volume in the last two years. For development, Woodside has had very little major development activity relative to other neighborhoods.It had 585,240 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.
On the tax block, all properties are industrial.
Within a 400-foot radius of 60-06 27th Avenue, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which LSC Development borrowed $26.1 million from Byline Bank secured by the 0-square-foot development site (V1) on 62-05 30th Avenue on May 18, 2021.

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