Desh Deepak Bhardwaj pays $4.7M for retail in Floral Park

Desh Deepak Bhardwaj through the entity 260 Hillside LLC paid $4.7 million to Angelina Colalillo through the entity Hillside Coard LLC for the corner retail building at 260-04 Hillside Avenue in Floral Park, Queens and the midblock retail building at 260-10 Hillside Avenue in Floral Park, Queens.
The deal closed on March 24, 2022 and was recorded on April 5, 2022.The two properties have 6,470 square feet of built space and 1,598 square feet of additional air rights for a total buildable of 8,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $727 and the price per buildable square foot is $588 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 Angelina Colalillo was Angelina Colalillo. The signatory for Desh Deepak Bhardwaj was Desh Deepak Bhardwaj.

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 260-10 Hillside Avenue.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Desh Deepak Bhardwaj purchased one properties in one transactions for a total of $6.5 million and has no record it sold any properties over the past 24 months.
The seller Angelina Colalillo had not purchased any other properties and had not sold any properties over the same time period. The two properties with a total of 6,470 square feet of built space generated revenue of $299,636 per year or $46 per square foot. The sale price per square foot was $728.

The property

The 260-10 Hillside Avenue parcel has frontage of 43 feet and is 160 feet deep with a total lot size of 6,880 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 $1.3 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 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 Floral Park, the majority, or 82 percent of the 6 million square feet of commercial built space are 1-4 family buildings, with specialty buildings next occupying 8 percent of the space. In sales, Floral Park has the 44th highest sale turnover among other neighborhoods in Queens with $5.1 million in sales volume in the last two years. For development, Floral Park has had very little major development activity relative to other neighborhoods.It had 7,864 square feet of commercial and multi-family construction under development in the last two years, which represents 0.13 percent of the neighborhood’s built space.

The block

There are two active new building construction projects totaling 2,197 square feet. The largest is a one-unit, 1,997-square-foot R-3 building developed by Sandeep Patel with plans filed February 22, 2019 and permitted April 8, 2021.

The majority, or 70 percent of the 48,960 square feet of built space are 1-4 family buildings, with mixed-use buildings next occupying 17 percent of the space.

The buyer

The PincusCo database currently indicates that Desh Deepak Bhardwaj owned at least one commercial property with 11,788 square feet and a city-determined market value of $1.5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Queens.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 260-10 Hillside Avenue that occurred over the past 24 months.

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