DK Construction pays $5.5M in Sunnyside

DK Construction through the entity Apeks Group LLC paid $5.5 million to Vital Transportation through the entity Vti Realty, Inc. for 41-24 38th Street in Sunnyside, Queens.
The deal closed on December 20, 2024 and was recorded on January 9, 2025. The property has 16,950 square feet of built space.
The signatory for Vital Transportation was Berj Haroutunian. The signatory for DK Construction was Denis Xhari. The contract date was October 16, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer DK Construction had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Vital Transportation had not purchased any other properties and had not sold any properties over the same time period.

The property

The office building in Sunnyside has 16,950 square feet of built space. The parcel has frontage of 111 feet and is 100 feet deep with a total lot size of 11,000 square feet. The zoning is M1-4 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1.9 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation, $2,500 in ECB penalties, and $2,500 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 $1 million on this tax lot.

The neighborhood

In Sunnyside, The bulk, or 32 percent of the 15.9 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Sunnyside has had very little sales volume relative to other neighborhoods with $176.3 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 527,019 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.

The block

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

The majority, or 86 percent of the 123,075 square feet of built space are industrial buildings, with office buildings next occupying 14 percent of the space.

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