Investor in homeless shelters pays $20.5M to Asher Shafran for shelter in Ozone Park

An investor in homeless shelters through the entity 85-15 101st Avenue Propco LLC paid $20.5 million to Asher Shafran through the entity 101 Realty Group II LLC for industrial (N2) at 85-15 101st Avenue in Ozone Park, Queens.
The deal closed on October 21, 2021 and was recorded on October 29, 2021.
The buyer signed a $14.075 million acquisition loan with Bear Creek Asset Management.
The property has 11,972 square feet of built space and 8,000 square feet of additional air rights for a total buildable of 20,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,710 and the price per buildable square foot is $1,024 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 seller bought the property on September 14, 2017, for $2.8 million.
The signatory for Asher Shafran was Asher Shafran. The signatory for 85-15 101st Avenue Propco LLC was Yoel Zagelbaum. Zagelbaum was the signatory for another homeless shelter loan from Bear Creek, in Manhattan.
(421573657)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 15 residential units on February 25, 2019.

Within a 400-foot radius of 85-15 101st Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a new building permit issued on July 22, 2020 for a 13,900-square-foot R-2 building with 20 residential units at 86-15 Rockaway Blvd.

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