Kam Biu Lau pays $2M for 8-unit walkup in Sunnyside

Kam Biu Lau through the entity Kamping LLC paid $2 million to Mohsen Zandieh through the entity Ashk Associates, LLC for the eight-unit residential walkup building (C1) at 51-26 Skillman Avenue in Sunnyside, Queens.
The deal closed on January 17, 2023 and was recorded on January 20, 2023. The property has 8,112 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $244 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 24, 2012, for $1.2 million. The signatory for Mohsen Zandieh was Mohsen Zandieh. The signatory for Kam Biu Lau was Kam Biu Lau.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Kam Biu Lau had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Mohsen Zandieh had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Mohsen Zandieh, head officer and Arash Zandieh, site manager. The business entity is Ashk Associates, Llc. The 8,112-square-foot property generated revenue of $159,888 or $20 per square foot, according to the most recent income and expense figures.

The property

The 51-26 Skillman Avenue parcel has frontage of 26 feet and is 95 feet deep with a total lot size of 2,477 square feet. The zoning is R5D which allows for up to 2 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $100 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

On this tax block, PincusCo has identified the owners of seven of the 34 commercial properties representing 106,378 square feet of the 290,619 square feet. The largest owner is You Han Moon, followed by Michael Plakogiannis and then Kiyung Jhun.
there are no active new building construction projects on this tax block.

the majority, or 55 percent of the 290,619 square feet of built space are walkup buildings, with elevator buildings next occupying 31 percent of the space.

The seller

The PincusCo database currently indicates that Mohsen Zandieh owned at least two commercial properties in New York City with 27,800 square feet and a city-determined market value of $3.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

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