Mili Bhuyan pays $9.5M for residential walkup in North Corona, last sold in 1984

Mili Bhuyan through the entity Taqwa 99th St LLC paid $9.5 million to Ramesh Vig through the entity Ram Sham Realty Corp. for the 63-unit residential walkup building (C1) at 37-20 99th Street in North Corona, Queens.
The deal closed on February 16, 2023 and was recorded on March 13, 2023. The property has 42,102 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $225 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 Ramesh Vig was Ramesh C. Vig. The signatory for Mili Bhuyan was Mili Bhuyan. Mili Bhuyan is a Domino Pizza franchisee. Ramesh C. Vig bought the property in 1984. Bhuyan financed the purchase with a purchase money loan given by the seller.

Prior sales and revenue

Prior to this transaction, PincuscCo has no record that the buyer Mili Bhuyan had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Ramesh Vig 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 Ramesh Vig, head officer and Savita Vig, officer. The business entities are Impact Real Estate Management and Ram Sham Realty, Corp. The 42,102-square-foot property generated revenue of $888,327 or $21 per square foot, according to the most recent income and expense figures.

The property

The 37-20 99th Street parcel has frontage of 125 feet and is 100 feet deep with a total lot size of 12,500 square feet. The zoning is R5A which allows for up to 1.1 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received 16 housing 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 block

On this tax block, PincusCo has identified the owners of three of the 12 commercial properties representing 52,022 square feet of the 92,355 square feet. The two identified owners are Tpa V, LLC and Daniel Rajaratnam.
On the tax block, there were six new building construction projects totaling 9,086 square feet. The largest is a two-unit, 3,943-square-foot R-3 building developed by Shan Lin with plans filed February 11, 2015 and it has not been permitted yet.The second largest is a two-unit, 3,943-square-foot R-3 building developed by Shan Lin with plans filed February 11, 2015 and it has not been permitted yet.

The majority, or 65 percent of the 92,355 square feet of built space are walkup buildings, with specialty buildings next occupying 23 percent of the space.

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