Jemstone Group pays $14.2M to Francine Israel for mixed-use building in Sunnyside

The Jemstone Group through the entity 4612 Queens Blvd. LLC paid $14.2 million to Francine Israel through the entity Israel Family Realty Co. LLC for mixed-use building (K4) at 46-27 Greenpoint Avenue in Sunnyside, Queens.
The deal closed on September 13, 2021 and was recorded on October 8, 2021.
The property has 28,800 square feet of built space and 14,654 square feet of additional air rights for a total buildable of 43,420 square feet according to PincusCo analysis of city data. The sale price per built square foot is $494 and the price per buildable square foot is $328 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 Francine Israel was Francine Israel.
Over the past five years, there have been 7 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 7 renovation/alteration projects (A2) applied for with a total estimated value of $49,000. One of the projects were to change the building from a COM to a B.

Within a 400-foot radius of 46-27 Greenpoint Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit issued on July 1, 2020 for a 17,281-square-foot R-2 building with 19 residential units at 46-11 Queens Boulevard.
Of those three items, two were loans above $5 million totaling $26.8 million. The most recent of the two was Noorollah Asherian which borrowed $12.8 million from Citibank secured by the 45,000-square-foot, 20-unit office building (O5) on 47-01 Queens Boulevard on August 23, 2021.

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