Daredia family pays $8.7M to Mark Development for two retail properties in South Ozone Park

Shirin Daredia and Barkat A. Daredia through the entity Sikka Investments LLC paid $8.7 million to Mark Development through the entity Monroe Queens-Rockaway LLC for retail building at 119-02 Rockaway Boulevard in South Ozone Park, Queens and retail building at 115-51 Lefferts Boulevard in South Ozone Park, Queens.
The deal closed on February 15, 2022 and was recorded on March 8, 2022.The two properties have 11,095 square feet of built space and 1,330 square feet of additional air rights according to PincusCo analysis of city data. The sale price per built square foot is $787 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 Mark Development was Robert S. Korff. The signatory for Shirin Daredia and Barkat A. Daredia was Shirin Daredia and Barkat A. Daredia. Mark Development is located at the same address as seller LLC.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 119-02 Rockaway Boulevard.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Shirin Daredia had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Mark Development had not purchased any other properties and had not sold any properties over the same time period. The two properties with a total of 11,095 square feet of built space generated revenue of $409,172 per year or $37 per square foot. The sale price per square foot was $787.

The property

The 119-02 Rockaway Boulevard parcel has frontage of 189 feet and is 100 feet deep with a total lot size of 19,000 square feet. The zoning is R3-2 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 $2.3 million.

Violations and lawsuits

The properties were not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the properties have received $300 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 $5 million on this tax lot.

The neighborhood

In South Ozone Park, the majority, or 70 percent of the 30.6 million square feet of built space are 1-4 family buildings, with specialty buildings next occupying 16 percent of the space. In sales, South Ozone Park has the 22nd highest sale turnover among other neighborhoods in Queens with $46 million in sales volume in the last two years. For development, South Ozone Park has had very little major development activity relative to other neighborhoods.It had 544,669 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 62 percent of the 82,867 square feet of built space are 1-4 family buildings, with retail buildings next occupying 22 percent of the space.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 119-02 Rockaway Boulevard that occurred over the past 24 months.

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