Mehra Properties pays $7.5M for 7-unit walkup in Forest Hills

Mehra Properties through the entity 7109 Austin LLC paid $7.5 million to Jerrold G. Levy through the entity Ifh 7109 LLC for the seven-unit residential walkup building (C7) at 71-09 Austin Street in Forest Hills, Queens. The expected use is cash flowing.
The deal closed on November 14, 2024 and was recorded on November 27, 2024. The property has 15,098 square feet of built space and 4,900 square feet of additional air rights for a total buildable of 20,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $496 and the price per buildable square foot is $374 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 7, 2014, for $15.1 million. The signatory for Jerrold G. Levy was Jerrold G. Levy. The signatory for Mehra Properties was Ryan Mehra. The contract date was October 2, 2024.

The buyer financed the purchase with a loan from a New Jersey company called Pinco Finance, with Ashok Mehra, who is CEO of Mehra Properties, as the signatory for the lender.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Mehra Properties had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jerrold G. Levy had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Jerrold Levy, head officer and Peter Metas, agent. The business entities are Hsp Real Estate Group Llc and Ifh 7109 Llc.

The property

The residential walkup building with 7 residential units in Forest Hills has 15,098 square feet of built space and 4,900 square feet of additional air rights for a total buildable of 20,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 square feet. The zoning is C4-4A which allows for up to 4 times floor area ratio (FAR) for commercial and up to 4 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.1 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 received $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 block

On this tax block, PincusCo has identified the owners of two of the 10 commercial properties representing 67,917 square feet of the 232,050 square feet. The two identified owners are Bldg Management and Alex Adjmi.
There are no active new building construction projects on this tax block.

The majority, or 47 percent of the 232,050 square feet of built space are office buildings, with specialty buildings next occupying 21 percent of the space.

The seller

The PincusCo database currently indicates that Jerrold G. Levy owned at least six commercial properties in New York City with 59,582 square feet and a city-determined market value of $14.5 million. (Market value is typically about 50% of actual value.) The portfolio has $11 million in debt, borrowed from KeyBank. Within the portfolio, all identified are retail properties. They are all located in Queens.

The buyer

The PincusCo database currently indicates that Mehra Properties owned at least six commercial properties with eight residential units in New York City with 75,516 square feet and a city-determined market value of $11.4 million. (Market value is typically about 50% of actual value.) The portfolio has $7 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 75 percent of the 75,516 square feet of built space are industrial properties, with retail properties next occupying 14 percent of the space. The bulk, or 86 percent of the built space, is in Queens, with Bronx next at 14 percent of the space.

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