Eshagh Malekan pays $1.6M to Alan Lipton for retail in Jamaica

Eshagh Malekan through the entity 171-19 Jamaica Ave LLC paid $1.6 million to Alan Lipton through the entity Lipton Plaza LLC for retail building (K1) at 171-19 Jamaica Avenue in Jamaica, Queens.
The deal closed on August 25, 2022 and was recorded on October 6, 2022. The property has 3,070 square feet of built space and 7,740 square feet of additional air rights for a total buildable of 10,800 square feet according to PincusCo analysis of city data. The sale price per built square foot is $521 and the price per buildable square foot is $148 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 March 27, 2014, for $1.8 million. The signatory for Alan Lipton was Alan Lipton. The signatory for Eshagh Malekan was Eshagh Malekan.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Eshagh Malekan had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Alan Lipton had not purchased any other properties and had not sold any properties over the same time period. The 3,070-square-foot property generated revenue of $150,224 or $49 per square foot, according to the most recent income and expense figures.

The property

The 171-19 Jamaica Avenue parcel has frontage of 40 feet and is 85 feet deep with a total lot size of 3,600 square feet. The lot is irregular. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The neighborhood

In Jamaica, the bulk, or 29 percent of the 27.3 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 15 percent of the space. In sales, Jamaica has near average sales volume among other neighborhoods with $308.3 million in sales volume in the last two years and is the 5th highest in Queens. For development, Jamaica has 3.1 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Queens. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of one of the 11 commercial properties representing 11,720 square feet of the 53,157 square feet. The identified owner is Ved Parkash.
On the tax block, there were two new building construction projects totaling 23,412 square feet. The largest is a 14-unit, 12,705-square-foot R-2 building developed by Joy Dey with plans filed June 14, 2019 and it has not been permitted yet.The second largest is a 10-unit, 10,707-square-foot R-2 building developed by Joy Dey with plans filed May 12, 2022 and it has not been permitted yet.

The majority, or 37 percent of the 53,157 square feet of built space are elevator buildings, with mixed-use buildings next occupying 28 percent of the space.

The buyer

The PincusCo database currently indicates that Eshagh Malekan owned at least one commercial property in New York City with 7,490 square feet and a city-determined market value of $3.9 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

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