David Eshaghoff pays $1.6M for mixed-use in Corona

David Eshaghoff through the entity 104 Group LLC paid $1.6 million to Frank Luca for the two-unit mixed-use building (S2) at 49-05 104th Street in Corona, Queens.
The deal closed on January 11, 2023 and was recorded on January 26, 2023. The property has 3,060 square feet of built space and 1,311 square feet of additional air rights for a total buildable of 4,372 square feet according to PincusCo analysis of city data. The sale price per built square foot is $519 and the price per buildable square foot is $363 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 Frank Luca was Frank Luca. The signatory for David Eshaghoff was David Eshaghoff.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer David Eshaghoff had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Frank Luca had not purchased any other properties and had not sold any properties over the same time period.

The property

The 49-05 104th Street parcel has frontage of 42 feet and is 51 feet deep with a total lot size of 2,186 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $913,000.

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 Corona, the bulk, or 48 percent of the 12.1 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 14 percent of the space. In sales, Corona has had very little sales volume relative to other neighborhoods with $116.8 million in sales volume in the last two years. For development, Corona has had very little major development activity relative to other neighborhoods.It had 165,008 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On the tax block, there was one new building construction project filed totaling 4,993 square feet. It is a seven-unit, 4,993-square-foot R-2 building developed by Miao Hua Zhang with plans filed April 6, 2018 and permitted January 13, 2020.

The majority, or 69 percent of the 55,338 square feet of built space are mixed-use buildings, with walkup buildings next occupying 16 percent of the space.

The buyer

The PincusCo database currently indicates that David Eshaghoff owned at least six commercial properties in New York City with 83,860 square feet and a city-determined market value of $7.7 million. (Market value is typically about 50% of actual value.) The portfolio has $8.7 million in debt, borrowed from JPMorgan Chase. Within the portfolio, all identified are walkup properties. They are all located in Manhattan.

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