Fereydoun Khalili pays $4.7M for retail in Elmhurst

Fereydoun Khalili and David Khalili through the entity Jackson 26 LLC paid $4.7 million for the retail and office building (O5) at 83-20 Roosevelt Avenue in Elmhurst, Queens. The expected use is cash flowing.
The deal closed on December 30, 2024 and was recorded on January 14, 2025. The property has 5,117 square feet of built space and 7,534 square feet of additional air rights for a total buildable of 12,626 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $919 and the price per buildable square foot is $372 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 signatories for the sellers were Barbara E. Vicory, Oscar Frederick Jones Jr., and Fredericka J. Hinkley. The signatory for Fereydoun Khalili and David Khalili was Fereydoun Khalili. The contract date was November 24, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Fereydoun Khalili [transactions & more] purchased three properties in three transactions for a total of $7.3 million and has no record it sold any properties over the past 24 months.
The seller Barbara E. Vicory had not purchased any other properties and had not sold any properties over the same time period.

The property

The office building in Elmhurst has 5,117 square feet of built space and 7,534 square feet of additional air rights for a total buildable of 12,626 square feet according to a PincusCo analysis of city data. The parcel has frontage of 121 feet and is 65 feet deep with a total lot size of 5,196 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.7 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 $4,025 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 Elmhurst, The bulk, or 40 percent of the 19.8 million square feet of commercial built space are elevator buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Elmhurst has had very little sales volume relative to other neighborhoods with $214.4 million in sales volume in the last two years. For development, Elmhurst has had very little major development activity relative to other neighborhoods.It had 506,651 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. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of one of the 13 commercial properties representing 1,948 square feet of the 56,313 square feet. The identified owner is Kp Developers.
On the tax block, there was one new building construction project filed totaling 7,900 square feet. It is a 10-unit, 7,900 square-foot residential (R-2) building submitted by Huo Jin Liu with plans filed October 4, 2022 and permitted January 30, 2024.

The majority, or 43 percent of the 56,313 square feet of built space are mixed-use buildings, with retail buildings next occupying 32 percent of the space.

The buyer

The PincusCo database currently indicates that Fereydoun Khalili owned at least 31 commercial properties with 27 residential units in New York City with 260,025 square feet and a city-determined market value of $37.3 million. (Market value is typically about 50% of actual value.) The portfolio has $29.5 million in debt, borrowed from First National Bank of Long Island. Within the portfolio, the bulk, or 44 percent of the 260,025 square feet of built space are mixed-use properties, with office properties next occupying 35 percent of the space. The bulk, or 95 percent of the built space, is in Queens, with Brooklyn next at 5 percent of the space.
The PincusCo database currently indicates that David Khalili owned at least one commercial property with one residential unit in New York City with 2,600 square feet and a city-determined market value of $410,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Queens.

Direct link to Acris document. link