Manouchehr Malekan pays $4.3M for two properties in Elmhurst

Manouchehr Malekan through the entity Corona 95 LLC paid $4.3 million to Louis J. Marcari through the entity Bremac, LLC for the two-unit 1-4 family building (B2) at 40-09 95th Street in Elmhurst, Queens and retail building (K1) at 95-06 Roosevelt Avenue in Elmhurst, Queens.
The deal closed on May 24, 2023 and was recorded on June 16, 2023. The two properties have 4,240 square feet of built space and 1,854 square feet of additional air rights for a total buildable of 6,105 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,008 and the price per buildable square foot is $700 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 Louis J. Marcari was Louis J. Marcari. The signatory for Manouchehr Malekan was Manouchehr Malekan.

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 95-06 Roosevelt Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Manouchehr Malekan purchased five properties in four transactions for a total of $13.9 million and has no record it sold any properties over the past 24 months.
The seller Louis J. Marcari had not purchased any other properties and had not sold any properties over the same time period. Out of the two properties, one with a total of 4,240 square feet of built space generated revenue of $222,820 per year.

The property

The retail building in Elmhurst has 4,240 square feet of built space and 1,854 square feet of additional air rights for a total buildable of 6,105 square feet according to a PincusCo analysis of city data. The parcel has frontage of 60 feet and is 41 feet deep with a total lot size of 2,005 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.2 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 $3,750 in ECB penalties and $8,300 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 Elmhurst, The bulk, or 40 percent of the 19.8 million square feet of commercial built space are elevator buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Elmhurst has had very little sales volume relative to other neighborhoods with $185.2 million in sales volume in the last two years. For development, Elmhurst has had very little major development activity relative to other neighborhoods.It had 454,597 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 80 percent of the 31,206 square feet of built space are mixed-use buildings, with walkup buildings next occupying 14 percent of the space.

The buyer

The PincusCo database currently indicates that Manouchehr Malekan owned at least 18 commercial properties with 96 residential units in New York City with 176,282 square feet and a city-determined market value of $26 million. (Market value is typically about 50% of actual value.) The portfolio has $9.6 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 39 percent of the 176,282 square feet of built space are elevator properties, with mixed-use properties next occupying 23 percent of the space. The bulk, or 87 percent of the built space, is in Queens, with Manhattan next at 13 percent of the space.

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