Manouchehr Malekan pays $5.5M for three properties in Queens

Manouchehr Malekan paid $5.5 million to Charles Ingber for three properties in Queens in two separate transactions.
In the first, Manouchehr Malekan through the entity 97th Street Commons LLC paid $3 million to Charles Ingber through the entity Ansvet Holding Co. for the 15-unit residential walkup building (C1) at 40-37 97th Street in Corona, Queens and four-unit mixed-use building (S4) at 40-25 97th Street in Corona, Queens.
The deal closed on March 29, 2023 and was recorded on April 7, 2023. The two properties have 16,744 square feet of built space and 1,141 square feet of additional air rights for a total buildable of 17,112 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $179 and the price per buildable square foot is $175 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.)

In the second, Manouchehr Malekan through the entity Post Avenue Commons, LLC paid $2.5 million to Charles Ingber through the entity 40-50 Junction Blvd Inc. for the four-unit mixed-use building (S9) at 40-50 Junction Boulevard in Elmhurst, Queens. The deal closed on March 29, 2023 and was recorded on April 7, 2023. The property has 5,050 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $495 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 Charles Ingber was Charles Ingber. 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 40-25 97th Street.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Manouchehr Malekan purchased seven properties in five transactions for a total of $16.6 million and has no record it sold any properties over the past 24 months.
The seller Charles Ingber had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building with 4 residential units in Corona has 16,744 square feet of built space and 1,141 square feet of additional air rights for a total buildable of 17,112 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 91 feet deep with a total lot size of 1,840 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. 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 properties for the past 24 months. In addition, according to city public data, the properties have 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 Corona, The bulk, or 48 percent of the 12.1 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 14 percent of the space. In sales, Corona has had very little sales volume relative to other neighborhoods with $116.1 million in sales volume in the last two years. For development, Corona has had very little major development activity relative to other neighborhoods.It had 165,008 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On the tax block of 40-25 97th Street, PincusCo has identified the owners of two of the 16 commercial properties representing 25,229 square feet of the 107,293 square feet. The two identified owners are Yujian Chen and Haniph Mohammed.
There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 107,293 square feet of built space are walkup buildings, with mixed-use buildings next occupying 30 percent of the space.

The buyer

The PincusCo database currently indicates that Manouchehr Malekan owned at least 15 commercial properties with 73 residential units in New York City with 154,488 square feet and a city-determined market value of None. (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 45 percent of the 154,488 square feet of built space are elevator properties, with retail properties next occupying 21 percent of the space. The bulk, or 85 percent of the built space, is in Queens, with Manhattan next at 15 percent of the space.

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