Elnatanovas pay $8M for 7-unit walkup in Forest Hills

Karina Elnatanova and Irina Elnatanova through the entity 105-35 65th Road, LLC paid $8 million to Esfera Malakova through the entity Herkimer Ventures, LLC for the seven-unit residential walkup building (C1) at 105-31 65th Road in Forest Hills, Queens.
The deal closed on June 5, 2023 and was recorded on June 14, 2023. The property has 6,937 square feet of built space and 19,228 square feet of additional air rights for a total buildable of 26,144 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,153 and the price per buildable square foot is $305 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 seller bought the property on June 2, 2017, for $1.1 million. The signatory for Esfera Malakova was Esfera Malakova. The signatory for Karina Elnatanova and Irina Elnatanova was Karina Elnatanova.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Karina Elnatanova had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Esfera Malakova had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Aron Borukhov, head officer and Neriya Borukhov, head officer. The business entity is Herkimer Ventures Llc.

The property

The residential walkup building with 7 residential units in Forest Hills has 6,937 square feet of built space and 19,228 square feet of additional air rights for a total buildable of 26,144 square feet according to a PincusCo analysis of city data. The parcel has frontage of 76 feet and is 100 feet deep with a total lot size of 7,600 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.4 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 $50 in OATH penalties in the last year.

Development

On the lot, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 62,012 square feet. The largest is a new building project for a 37-unit, 31,006 square-foot R-2 building submitted by Neriya Borukhov and filed by Neriya Borukhov with plans filed May 1, 2019 and it has not been permitted yet. The second largest is a new building project for a 37-unit, 31,006 square-foot R-2 building submitted by Neriya Borukhov and filed by Neriya Borukhov with plans filed May 18, 2021 and it has not been permitted yet.

The block

On this tax block, PincusCo has identified the owners of two of the three commercial properties representing 27,078 square feet of the 29,550 square feet. The two identified owners are Neriya Borukhov and Jing Chen.
On the tax block, there were three new building construction projects totaling 78,879 square feet. The largest is a 37-unit, 31,006 square-foot residential (R-2) building submitted by Neriya Borukhov and filed by Neriya Borukhov with plans filed May 18, 2021 and permitted May 25, 2022. The second largest is a 37-unit, 31,006 square-foot residential (R-2) building submitted by Neriya Borukhov and filed by Neriya Borukhov with plans filed May 1, 2019 and it has not been permitted yet.

The majority, or 68 percent of the 29,550 square feet of built space are elevator buildings, with walkup buildings next occupying 23 percent of the space.

Direct link to Acris document. link