Lakhi Zoria pays $4.8M for retail in Queens Village

Lakhi Zoria through the entity 218 Hempstead Turnpike LLC paid $4.8 million to Baruch Frankel through the entity Queens Village Management Corp. for the retail building (K1) at 218-25 Hempstead Avenue and an adjacent parking lot, in Queens Village, Queens. The expected use is cash flowing.
The deal closed on September 18, 2024 and was recorded on October 2, 2024. The property, which is divided into three tax lots, has 14,428 square feet of built space and 7,072 square feet of additional air rights for a total buildable of 20,953 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $332 and the price per buildable square foot is $229 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 Baruch Frankel was Baruch Frankel. The signatory for Lakhi Zoria was Lakhi Zoria. The contract date was August 8, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Lakhi Zoria had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Baruch Frankel purchased one properties in one transaction for a total of $2.1 million and had not sold any properties over the same time period.

The property

The retail building in Queens Village has 14,428 square feet of built space and 7,072 square feet of additional air rights for a total buildable of 20,953 square feet according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 94 feet deep with a total lot size of 27,762 square feet. The lot is irregular. The zoning is R3-2 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 $4.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $1,000 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 Queens Village, The bulk, or 26 percent of the 4.9 million square feet of commercial built space are specialty buildings, with mixed-use buildings next occupying 23 percent of the space. In sales, Queens Village has the 31st highest sale turnover among other neighborhoods in Queens with $34.7 million in sales volume in the last two years. For development, Queens Village has had very little major development activity relative to other neighborhoods.It had 77,915 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

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

The majority, or 100 percent of the 26,386 square feet of built space are retail buildings, with industrial buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that Baruch Frankel owned at least one commercial property in New York City with 2,900 square feet and a city-determined market value of $581,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single specialty property. It is located in Brooklyn.

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