Giuseppe Rocco pays $15.5M for residential elevator building in Long Island City

Giuseppe Rocco through the entity Astor 29 Co, LLC paid $15.5 million to the Bokhour family through the entity E.B. Management Properties, LLC for the 71-unit residential elevator building at 36-05 29th Street in Long Island City, Queens.
The deal closed on January 31, 2022 and was recorded on February 11, 2022.
The property has 70,000 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $221 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 Bokhour Family was Edward Bokhour and Alfred Bokhour. The signatory for Giuseppe Rocco was Giuseppe Rocco.
Prior to this transaction, the buyer Giuseppe Rocco had not purchased any other properties and had not sold any properties over the past 24 months.
The seller Bokhour Family had not purchased any other properties and had not sold any properties over the same time period.
The 70,000-square-foot property generated revenue of $1.4 million or $20 per square foot, according to the most recent income and expense figures.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $108,750.
In Long Island City, the bulk, or 33 percent of the 66.2 million square feet of built space are residential elevator buildings, with industrial buildings next occupying 30 percent of the space. In sales, Long Island City has 4.2 times the average sales volume among other neighborhoods with $1.2 billion in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 2nd most active neighborhood among other neighborhoods. It had 9.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.
On the tax block, the majority, or 56 percent of the 235,697 square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 27 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Edward Bokhour, head officer and Amir Bokhour, officer. The business entities were True Service Ny and E B Management Properties Llc.
Within a 400-foot radius of 36-05 29th Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Maxie Development borrowed $15.6 million from Bank Leumi secured by the 9,000-square-foot, two-unit retail building (K1) on 36-10 31st Street on June 10, 2021.

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