Harbans Singh pays $5.6M for formerly bankrupt properties in South Richmond Hill

Harbans Singh through the entity 112 101 Avenue LLC paid $5.6 million for the 10-unit residential walkup building (C7) at 112-18 101st Avenue in South Richmond Hill, Queens and two-unit mixed-use building (S9) at 112-16 101st Avenue in South Richmond Hill, Queens. The former owner, an entity controlled by Jarnail Singh, filed for bankruptcy.
The deal closed on March 1, 2023 and was recorded on March 9, 2023. The two properties have 30,154 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $184 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 Jarnail Singh’s bankrupt entity was Kenneth Kirshenbaum, an attorney. The signatory for Harbans Singh was Harbans Singh. The former owner filed for chapter 7 bankruptcy JS 112ST LLC 20-73183-reg. The sale contract date was February 28, 2022.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 112-18 101st Avenue.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Harbans Singh purchased four properties in one transactions for a total of $5.4 million and has no record it sold any properties over the past 24 months.
The seller Jarnail Singh bankrupt had not purchased any other properties and had not sold any properties over the same time period. The two properties with a total of 30,154 square feet of built space generated revenue of $582,574 per year or $19 per square foot. The sale price per square foot was $185.

The property

The 112-18 101st Avenue parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,011 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.2 million.

Violations and lawsuits

According to city public data, the properties have received one housing violation and $7,455 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 $5 million on this tax lot.

The block

there are no active new building construction projects on this tax block.

The majority, or 52 percent of the 46,924 square feet of built space are mixed-use buildings, with walkup buildings next occupying 48 percent of the space.

The buyer

The PincusCo database currently indicates that Harbans Singh owned at least three commercial properties in New York City with 28,603 square feet and a city-determined market value of $4 million. (Market value is typically about 50% of actual value.) The portfolio has $11.2 million in debt, borrowed from Preferred Bank. Within the portfolio, the bulk, or 53 percent of the 28,603 square feet of built space are mixed-use properties, with retail properties next occupying 47 percent of the space. They are all located in Queens.

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