Gameel Saeidi pays $6M for retail in Jamaica

Gameel Saeidi through the entity Sutphin Ny LLC paid $6 million to Radin Enterprises through the entity Radin Enterprises LLC for the two-unit retail building (K4) at 146-19 Archer Avenue in Jamaica, Queens.
The deal closed on April 17, 2024 and was recorded on April 26, 2024. The property has 11,040 square feet of built space and 11,177 square feet of additional air rights for a total buildable of 22,207 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $543 and the price per buildable square foot is $270 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 Radin Enterprises was Michael Shanker. The signatory for Gameel Saeidi was Gameel Saeidi. The contract date was January 25, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Gameel Saeidi had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Radin Enterprises 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 Carol Radin, head officer and Carol Radin, officer. The business entity is Radin Enterprises Llc.

The property

The mixed-use building with 2 residential units in Jamaica has 11,040 square feet of built space and 11,177 square feet of additional air rights for a total buildable of 22,207 square feet according to a PincusCo analysis of city data. The parcel has frontage of 42 feet and is 68 feet deep with a total lot size of 3,689 square feet. The lot is irregular. The zoning is C6-2 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential. The city-designated market value for the property in 2022 is $2 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 four DOB violations and $6,405 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 Jamaica, The bulk, or 34 percent of the 29.2 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 14 percent of the space. In sales, Jamaica has near average sales volume among other neighborhoods with $316.8 million in sales volume in the last two years and is the 6th highest in Queens. For development, Jamaica has 2.2 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Queens. It had 2.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the nine commercial properties representing 31,040 square feet of the 45,670 square feet. The two identified owners are Radin Enterprises and LIRR.
There are no active new building construction projects on this tax block.

The majority, or 44 percent of the 45,670 square feet of built space are office buildings, with mixed-use buildings next occupying 42 percent of the space.

The buyer

The PincusCo database currently indicates that Gameel Saeidi owned at least one commercial property with four residential units in New York City with 5,750 square feet and a city-determined market value of $1.3 million. (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.

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