Maurice Kohan pays $3.4M for possible dev site in Kew Gardens

Maurice Kohan through the entity 129 Metropolitan Group LLC paid $3.4 million to Christopher Kady through the entity J.C. Frank Realty Corp. for the industrial building (G1) at 129-19 Metropolitan Avenue in Kew Gardens, Queens and industrial building (G7) at 129-11 Metropolitan Avenue in Kew Gardens, Queens.
The deal closed on August 9, 2022 and was recorded on August 25, 2022.The two properties have 770 square feet of built space and 23,747 square feet of additional air rights for a total buildable of 24,511 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $137 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 Christopher Kady was Christopher Kady. The signatory for Maurice Kohan was Maurice Kohan.

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 129-19 Metropolitan Avenue.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Maurice Kohan had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Christopher Kady 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 770 square feet of built space generated revenue of $28,834 per year.

The property

The 129-19 Metropolitan Avenue parcel has frontage of 62 feet and is 105 feet deep with a total lot size of 6,368 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $321,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. 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 $5 million on this tax lot.

The neighborhood

In Kew Gardens, the bulk, or 45 percent of the 6.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 16 percent of the space. In sales, Kew Gardens has the 39th highest sale turnover among other neighborhoods in Queens with $16.5 million in sales volume in the last two years. For development, Kew Gardens has had very little major development activity relative to other neighborhoods.It had 367,367 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

There are two active new building construction projects totaling 7,344 square feet. The largest is a two-unit, 3,672-square-foot R-3 building developed by Mst. Nafiul Aklima with plans filed July 7, 2022 and it has not been permitted yet. The second largest is a two-unit, 3,672-square-foot R-3 building developed by Mst. Nafiul Aklima with plans filed July 7, 2022 and it has not been permitted yet.

The majority, or 59 percent of the 18,051 square feet of built space are industrial buildings, with walkup buildings next occupying 41 percent of the space.

The buyer

The PincusCo database currently indicates that Maurice Kohan owned at least 10 commercial properties in New York City with 69,838 square feet and a city-determined market value of $12.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. The bulk, or 55 percent of the built space, is in Manhattan, with Queens next at 23 percent of the space.

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