Gurwinder Singh pays $11.7M to Aldo Verrelli for three retail properties in Richmond Hill

Gurwinder Singh paid $11.7 million to Aldo Verrelli for three retail properties in Richmond Hill in two separate transactions.

In the first transaction, Gurwinder Singh through the entity Atlantic Royal LLC paid Aldo Verrelli $5.9 million for 118-04 Atlantic Avenue, 118-06 Atlantic Avenue in Richmond Hill. The deal closed on February 27, 2020, and was recorded on March 24, 2020. The transaction consists of 2 parcels, including the tax class one-story store building (K1). The parcel(s) have total development potential of 32,155 square feet.
The average sale price per square foot is $183.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second transaction, Gurwinder Singh through the entity Atlantic Royal LLC paid Aldo Verrelli $5.8 million for 118-22 Atlantic Avenue in Richmond Hill. The deal closed on February 27, 2020, and was recorded on March 24, 2020. The transaction consists of 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 8 residential units. The property is 13,730 square feet. The parcel(s) have total development potential of 25,901 square feet.
The average sale price per square foot is $226.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $92,222. Those filings sought to increase the number of residential units by 2 to 6
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link