Lalmir Sultanzada pays $3.4M to Flagstar Bank for retail in Bellerose Manor

Lalmir Sultanzada through the entity 247-53 Jericho Realty LLC paid $3.4 million to Flagstar Bank for the retail building (K7) at 247-53 Jericho Turnpike in Bellerose Manor, Queens. The expected use is cash flowing.
The deal closed on June 27, 2025 and was recorded on July 23, 2025. The property has 2,280 square feet of built space and 10,156 square feet of additional air rights for a total buildable of 12,487 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,473 and the price per buildable square foot is $269 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 October 31, 2003, for $5.1 million. The signatory for Flagstar Bank was Brian Mioduszewski . The signatory for Lalmir Sultanzada was Lalmir Sultanzada. The contract date was May 13, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Lalmir Sultanzada purchased five properties in four transactions for a total of $14.8 million and has no record it sold any properties over the past 24 months.
The seller Flagstar Bank had not purchased any other properties and sold one property in one transaction for a total of $2.6 million over the same time period.

The property

The retail building in Bellerose Manor has 2,280 square feet of built space and 10,156 square feet of additional air rights for a total buildable of 12,487 square feet according to a PincusCo analysis of city data. The parcel has frontage of 185 feet and is 105 feet deep with a total lot size of 16,650 square feet. The lot is irregular. The zoning is R4 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.1 million.

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 not received any significant violations 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 Bellerose Manor, The majority, or 72 percent of the 3.2 million square feet of commercial built space are specialty buildings, with retail buildings next occupying 11 percent of the space. In sales, Bellerose Manor has the 52nd highest sale turnover among other neighborhoods in Queens with $7.5 million in sales volume in the last two years. For development, Bellerose Manor has had very little major development activity relative to other neighborhoods.It had 274,076 square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 10 commercial properties representing 2,455 square feet of the 32,747 square feet. The identified owner is Platinum Realty Associates.
On the tax block, there were four new building construction projects totaling 10,083 square feet. The largest is a two-unit, 4,001 square-foot residential (R-3) building submitted by Frank Huang with plans filed July 27, 2018 and it has not been permitted yet. The second largest is a one-unit, 2,910 square-foot residential (R-3) building submitted by Philip Mathai with plans filed May 17, 2022 and it has not been permitted yet.

The majority, or 64 percent of the 32,747 square feet of built space are mixed-use buildings, with retail buildings next occupying 28 percent of the space.

The buyer

The PincusCo database currently indicates that Lalmir Sultanzada owned at least five commercial properties with 12 residential units in New York City with 11,770 square feet and a city-determined market value of $4.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 100 percent of the 11,770 square feet of built space are mixed-use properties, with development properties next occupying 0 percent of the space. The bulk, or 62 percent of the built space, is in Bronx, with Manhattan next at 38 percent of the space.

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