Kerrisdale Real Estate pays $1.9M for mixed-use in Woodhaven

Kerrisdale Real Estate Partners through the entity Kerrisdale Queens Six LLC paid $1.9 million to Vimael Realty Inc. for the five-unit mixed-use building (S9) at 86-22 Jamaica Avenue in Woodhaven, Queens.
The deal closed on November 15, 2023 and was recorded on November 28, 2023. The property has 5,770 square feet of built space and 304 square feet of additional air rights for a total buildable of 6,081 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $333 and the price per buildable square foot is $316 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 the buyer was Gilbert Nye. The signatory for the seller was Virginia Prifti Feldman. Kerrisdale owns at least six small properties in New York City, according to a PincusCo analysis of city records.

Prior sales and revenue

The former owner according to the Department of Housing Preservation and Development is Virginia Prifti, head officer.

The property

The mixed-use building with 5 residential units in Woodhaven has 5,770 square feet of built space and 304 square feet of additional air rights for a total buildable of 6,081 square feet according to a PincusCo analysis of city data. The parcel has frontage of 21 feet and is 95 feet deep with a total lot size of 2,027 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $659,000.

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 $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 $1 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 34th highest sale turnover among other neighborhoods in Queens with $36.9 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 54,317 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 14 commercial properties representing 5,478 square feet of the 58,936 square feet. The identified owner is Shefki Arifi.
There are no active new building construction projects on this tax block.

The majority, or 56 percent of the 58,936 square feet of built space are mixed-use buildings, with walkup buildings next occupying 37 percent of the space.

Direct link to Acris document. link