Mohammad Nawaz pays $7M for 9-unit elevator in Elmhurst

Mohammad Nawaz through the entity Golden Age Plaza LLC paid $7 million to Ferdous A. Khandker through the entity Care First Management Inc for the nine-unit residential elevator building (D7) at 70-38 Broadway in Elmhurst, Queens. The expected use is cash flowing.
The deal closed on December 30, 2025 and was recorded on January 21, 2026. The property has 20,899 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $334 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 September 15, 2006, for $825,000. The signatory for Ferdous A. Khandker was Ferdous A. Khandker. The signatory for Mohammad Nawaz was Mohammad Nawaz. The contract date was December 30, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Mohammad Nawaz had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Ferdous A. Khandker 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 Abdulla Rafiq, head officer and Anjumanara Begum, officer. The business entity is Care Management Inc.

The property

The residential elevator building with 9 residential units in Elmhurst has 20,899 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 81 feet deep with a total lot size of 5,612 square feet. 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 $2.7 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

For the tax lot building, it received its initial certificate of occupancy on October 12, 2023. 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 26 commercial properties representing 20,416 square feet of the 163,779 square feet. The two identified owners are Nelson Castano and Kaw & Quock Inc..
On the tax block, there was one new building construction project filed totaling 147,398 square feet. It is a 154-unit, 147,398 square-foot residential (R-2) building submitted by Werber Real Estate and filed by Benjamin Werber with plans filed November 26, 2014 and permitted February 22, 2017.

The majority, or 55 percent of the 163,779 square feet of built space are elevator buildings, with mixed-use buildings next occupying 18 percent of the space.

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