Mina Farah pays $7.5M to Yuval Jacob for retail in Jamaica

Mina Farah through the entity Frmf Hillside Avenue Family Limited Partnership paid $7.5 million to Yuval Jacob through the entity Y J Management LLC for the retail building (K1) at 167-02 Hillside Avenue in Jamaica, Queens.
The deal closed on March 11, 2024 and was recorded on April 3, 2024. The property has 8,800 square feet of built space and 56,073 square feet of additional air rights for a total buildable of 64,900 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $852 and the price per buildable square foot is $115 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 Yuval Jacob was Yuval Jacob. The signatory for Mina Farah was Mina Farah. The contract date was October 20, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Mina Farah purchased one property for $5.5 million and sold one property for $6 million over the past 24 months.
The seller Yuval Jacob purchased one property in one transaction for a total of $7 million and sold two properties in two transactions for a total of $10.1 million over the same time period.

The property

The retail building in Jamaica has 8,800 square feet of built space and 56,073 square feet of additional air rights for a total buildable of 64,900 square feet according to a PincusCo analysis of city data. The parcel has frontage of 110 feet and is 118 feet deep with a total lot size of 12,980 square feet. The lot is irregular. The zoning is R7X which allows for up to 5 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.7 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 $50 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 Jamaica, The bulk, or 34 percent of the 29.2 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 14 percent of the space. In sales, Jamaica has near average sales volume among other neighborhoods with $309.4 million in sales volume in the last two years and is the 6th highest in Queens. For development, Jamaica has 2.6 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Queens. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 11 commercial properties representing 38,597 square feet of the 80,040 square feet. The two identified owners are Zara Realty Holding and Ridwan Kabir.
On the tax block, there were two new building construction projects totaling 107,681 square feet. The largest is a 72-unit, 94,328 square-foot residential (R-2) building submitted by Ridwan Kabir with plans filed October 14, 2022 and it has not been permitted yet. The second largest is a 13,353 square-foot business (B) building submitted by Jacob Yuval with plans filed April 10, 2015 and permitted November 29, 2019.

The majority, or 46 percent of the 80,040 square feet of built space are elevator buildings, with mixed-use buildings next occupying 28 percent of the space.

The seller

The PincusCo database currently indicates that Yuval Jacob owned at least one commercial property in New York City with 4,200 square feet and a city-determined market value of $1.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single retail property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Mina Farah owned at least one commercial property with three residential units in New York City with 3,814 square feet and a city-determined market value of $813,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Queens.

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