John Chetram pays $2.2M for two properties in Woodhaven

John Chetram through the entity J&M Enterprize LLC paid $2.2 million to Claude Marku through the entity Markland LLC for the mixed-use building (S1) at 87-20 Woodhaven Boulevard in Woodhaven, Queens and two-unit office building (O8) at 87-16 Woodhaven Boulevard in Woodhaven, Queens.
The deal closed on September 7, 2022 and was recorded on September 15, 2022. The two properties have 5,065 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $434 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 Claude Marku was Claude Marku. The signatory for John Chetram was John Chetram.

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 87-16 Woodhaven Boulevard.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer John Chetram had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Claude Marku had not purchased any other properties and had not sold any properties over the same time period. Out of the two properties, one with a total of 5,065 square feet of built space generated revenue of $51,064 per year.

The property

The 87-16 Woodhaven Boulevard parcel has frontage of 20 feet and is 115 feet deep with a total lot size of 2,342 square feet. The lot is irregular. The zoning is R3-1 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $227,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received $25 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 neighborhood

In Woodhaven, the bulk, or 38 percent of the 3.3 million square feet of commercial built space are mixed-use buildings, with walkup buildings next occupying 22 percent of the space. In sales, Woodhaven has the 35th highest sale turnover among other neighborhoods in Queens with $27 million in sales volume in the last two years. For development, Woodhaven has had very little major development activity relative to other neighborhoods.It had 85,942 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

On the tax block of 87-16 Woodhaven Boulevard, PincusCo has identified the owners of three of the 10 commercial properties representing 10,550 square feet of the 37,255 square feet. The identified owner is Fereydoun Khalili.
There are no active new building construction projects on this tax block.

The majority, or 90 percent of the 37,255 square feet of built space are mixed-use buildings, with office buildings next occupying 5 percent of the space.

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