Emir Sheikh pays $2.8M for 8-unit walkup in Astoria

Emir Sheikh through the entity Dinga LLC paid $2.8 million to Pedro Martinez and Jose Ventura through the entity Ventinez Venture LLC for the eight-unit residential walkup building (C4) at 32-82 30th Street in Astoria, Queens.
The deal closed on August 29, 2023 and was recorded on September 1, 2023. The property has 7,228 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $380 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 Pedro Martinez and Jose Ventura was Pedro Martinez and Jose Ventura. The signatory for Emir Sheikh was Emir Sheikh. The contract date was August 19, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Emir Sheikh had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Pedro Martinez 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 Pedro Martinez, head officer and Jose Ventura, shareholder. The business entity is Ventinez Venture Llc.

The property

The residential walkup building with 8 residential units in Astoria has 7,228 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 27 feet and is 100 feet deep with a total lot size of 2,790 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.4 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 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of four of the 15 commercial properties representing 32,994 square feet of the 96,219 square feet. The largest owner is Pedro Martinez, followed by Maria Catinella and then Crl.
There are no active new building construction projects on this tax block.

The majority, or 94 percent of the 96,219 square feet of built space are walkup buildings, with mixed-use buildings next occupying 6 percent of the space.

The seller

The PincusCo database currently indicates that Pedro Martinez owned at least one commercial property with eight residential units in New York City with 7,228 square feet and a city-determined market value of $2.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Queens.

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