Hanan Maqbol pays $3.4M for mixed-use in Jamaica

Hanan Maqbol through the entity Maqbol LLC paid $3.4 million to Lambros Ballas through the entity Ldb Properties, Inc. for the four-unit mixed-use building (K4) at 153-40 Hillside Avenue in Jamaica, Queens.
The deal closed on March 8, 2024 and was recorded on March 18, 2024. The property has 5,072 square feet of built space and 5,177 square feet of additional air rights for a total buildable of 10,252 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $670 and the price per buildable square foot is $331 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 Lambros Ballas was Gerassimos Ventouras. The contract date was November 14, 2023. Hanan Maqbol signed a sole member on the loan.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Hanan Maqbol had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Lambros Ballas had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building with 4 residential units in Jamaica has 5,072 square feet of built space and 5,177 square feet of additional air rights for a total buildable of 10,252 square feet according to a PincusCo analysis of city data. The parcel has frontage of 22 feet and is 100 feet deep with a total lot size of 2,563 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.2 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 $1,150 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 $297.3 million in sales volume in the last two years and is the 6th highest in Queens. For development, Jamaica has 3.1 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Queens. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 22 commercial properties representing 24,875 square feet of the 179,138 square feet. The two identified owners are Sukhjinder Singh and Success Academy Charter Schools.
On the tax block, there was one new building construction project filed totaling 18,464 square feet. It is a 21-unit, 18,464 square-foot residential (R-2) building submitted by Dong Guo with plans filed April 10, 2021 and permitted June 8, 2022.

The majority, or 58 percent of the 179,138 square feet of built space are specialty buildings, with mixed-use buildings next occupying 18 percent of the space.

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