Jaspal Minhas pays $3.1M for gas station in Jackson Heights

Jaspal Singh Minhas through the entity Pritam Realty LLC paid $3.1 million to Lorraine Medina through the entity Anged Realty Corp for the gas station (G4) at 88-20 Astoria Boulevard in Jackson Heights, Queens.
The deal closed on May 8, 2023 and was recorded on May 16, 2023. The property has 2,379 square feet of built space and 17,598 square feet of additional air rights for a total buildable of 19,998 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,313 and the price per buildable square foot is $156 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 Lorraine Medina was Lorraine Medina. The signatory for Jaspal Singh Minhas was Jaspal Singh Minhas.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Jaspal Singh Minhas had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Lorraine Medina had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Jackson Heights has 2,379 square feet of built space and 17,598 square feet of additional air rights for a total buildable of 19,998 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 9,999 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 $688,000.

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 $630 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 Jackson Heights, The bulk, or 42 percent of the 16.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 18 percent of the space. In sales, Jackson Heights has had very little sales volume relative to other neighborhoods with $219.7 million in sales volume in the last two years. For development, Jackson Heights has had very little major development activity relative to other neighborhoods.It had 469,964 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

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

The majority, or 57 percent of the 5,474 square feet of built space are mixed-use buildings, with industrial buildings next occupying 43 percent of the space.

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