Lalmir Sultanzada pays $4M for dev site in South Jamaica

Lalmir Sultanzada through the entity 161 Baisley LLC paid $4 million to Platinum Realty Associates and RW Real Estate Group through the entity Baisley Blvd. Holdings LLC for the development site (V1) at 161-51 Baisley Boulevard and an adjacent parcel, both in South Jamaica, Queens.

On the tax lot, there was one new building construction project filed totaling 12,143 square feet. It is a 12,143 square-foot mercantile (M) building submitted by David Koptiev with plans filed October 6, 2017 and it has not been permitted yet.
The deal closed on August 4, 2023 and was recorded on August 18, 2023. The two properties have zero square feet of built space and 7,062 square feet of additional air rights for a total buildable of 7,062 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $559 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 Platinum Realty Associates and RW Real Estate Group was David Koptiev and Peter Young. The signatory for Lalmir Sultanzada was Lalmir Sultanzada. The contract date was May 1, 2023.

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 161-51 Baisley Boulevard.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Lalmir Sultanzada had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Platinum Realty Associates purchased seven properties in six transactions for a total of $26.1 million and sold three properties in three transactions for a total of $16.4 million over the same time period.

The property

The parcel has frontage of 87 feet and is 100 feet deep with a total lot size of 8,724 square feet. The zoning is R3A 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 $315,000.

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 $1,075 in OATH penalties in the last year.

Development

For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. On these lots, there is one active new building construction project for a 12,143 square-foot M building. The project was submitted by David Koptiev with plans filed October 6, 2017 and it has not been permitted yet.

The neighborhood

In South Jamaica, The bulk, or 44 percent of the 2.5 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 30 percent of the space. In sales, South Jamaica has the 55th highest sale turnover among other neighborhoods in Queens with $5.6 million in sales volume in the last two years. For development, South Jamaica has had very little major development activity relative to other neighborhoods.It had 22,900 square feet of commercial and multi-family construction under development in the last two years, which represents 0.91 percent of the neighborhood’s built space.

The block

On the tax block of 161-51 Baisley Boulevard, PincusCo has identified the owners of two of the four commercial properties representing zero square feet of the 7,481 square feet. The identified owner is Platinum Realty Associates.
On the tax block, there was one new building construction project filed totaling 12,143 square feet. It is a 12,143 square-foot mercantile (M) building submitted by David Koptiev with plans filed October 6, 2017 and it has not been permitted yet.

The majority, or 100 percent of the 7,481 square feet of built space are retail buildings, with development buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that Platinum Realty Associates owned at least 81 commercial properties with 42 residential units in New York City with 597,541 square feet and a city-determined market value of $104.7 million. (Market value is typically about 50% of actual value.) The portfolio has $43.8 million in debt, borrowed from Signature Bank and First National Bank of Long Island. Within the portfolio, the bulk, or 55 percent of the 597,541 square feet of built space are retail properties, with office properties next occupying 29 percent of the space. The bulk, or 72 percent of the built space, is in Queens, with Brooklyn next at 25 percent of the space.
The PincusCo database currently indicates that Rw Real Estate Group owned at least two commercial properties in New York City with 12,723 square feet and a city-determined market value of $2.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 63 percent of the 12,723 square feet of built space are development properties, with retail properties next occupying 37 percent of the space. The bulk, or 63 percent of the built space, is in Brooklyn, with Bronx next at 37 percent of the space.

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