Djahangir Torkian pays $20M to Jeffrey family for industrial building in Sunnyside

Djahangir Torkian of Great Neck, Long Island, through the entity 43rd Ave LIC LLC paid $20 million to the entity Jeffrey Family Irrevocable Trust for the industrial building at 38-01 43rd Avenue in Sunnyside, Queens.
The deal closed on December 20, 2021 and was recorded on January 27, 2022.
The property has 72,000 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $277 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 the Jeffrey family was Lazar Muller, Naomi Muller, Leah Weiss, Jacob Kalman, and Ruth Steg. The signatory for Djahangir Torkian was Djahangir Torkian.
Prior to this transaction, the buyer Djahangir Torkian had not purchased any other properties and had not sold any properties over the past 24 months. This ownership appears independent of Hershel Torkian’s Torkian Group, which has an address in Midtown.

The 72,000-square-foot property generated revenue of $614,410 or $9 per square foot, according to the most recent income and expense figures.

In Sunnyside, the bulk, or 35 percent of the 23.5 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 19 percent of the space. In sales, Sunnyside has had very little sales volume relative to other neighborhoods with $174.7 million in sales volume in the last two years. For development, Sunnyside has had very little major development activity relative to other neighborhoods.It had 208,722 square feet of commercial and multi-family construction under development in the last two years, which represents 0.89 percent of the neighborhood’s built space.
On the tax block, the majority, or 98 percent of the 204,915 square feet of built space are industrial buildings, with 1-4 family buildings next occupying 2 percent of the space.
Within a 400-foot radius of 38-01 43rd Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were sales above $5 million totaling $15.5 million. The most recent of the two was Denis Xhari and Anila Celi which bought the 39,000-square-foot industrial (E1) on 4120 39th Street for $10.2 million from Terry Tang on January 14, 2021.

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