Mohammad Malik pays $5.6M to Emigrant Bank for retail building in Jamaica

Mohammad Malik through the entity Apple At Hillside LLC paid $5.6 million to Emigrant Bank through the entity Emigrant Bank for retail building (K7) at 168-42 Hillside Avenue in Jamaica, Queens.
The deal closed on October 26, 2021 and was recorded on November 12, 2021.
The property has 9,897 square feet of built space and 36,064 square feet of additional air rights for a total buildable of 46,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $565 and the price per buildable square foot is $121 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 Emigrant Bank was Kimberly Romano. The signatory for Mohammad Malik was Mohammad Malik.

Within a 400-foot radius of 168-42 Hillside Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit issued on November 29, 2019 for a 11,469-square-foot R-2 building with 10 residential units at 87-83 168th Street.
Of those three items, two were loans above $5 million totaling $18.5 million. The most recent of the two was Bawa Nand Mallick which borrowed $9.2 million from JPMorgan Chase secured by the 50,976-square-foot, 78-unit rental (D1) on 168-42 88th Avenue on July 2, 2021.

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