Mohammed Ahmed pays $2.6M to Eshagh Malekan for likely dev site in Arverne

Mohammed J. Ahmed through the entity Nurun Realty LLC paid $2.6 million to Eshagh Malekan through the entity 6404 Beach Channel LLC for the industrial building (F9) at 64-08 Beach Channel Drive and the development parcel (V1) at 64-04 Beach Channel Drive in Arverne, Queens.
The deal closed on December 5, 2022 and was recorded on January 11, 2023. The two properties have 6,810 square feet of built space and 17,219 square feet of additional air rights for a total buildable of 24,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $375 and the price per buildable square foot is $106 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 Eshagh Malekan was Eshagh Malekan. The signatory for Mohammed J. Ahmed was Mohammed J. Ahmed.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 64-08 Beach Channel Drive.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Mohammed J. Ahmed had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Eshagh Malekan purchased two properties in two transactions for a total of $3.5 million and had not sold any properties over the same time period. Out of the two properties, one with a total of 6,810 square feet of built space generated revenue of $95,449 per year.

The property

The 64-08 Beach Channel Drive parcel has frontage of 76 feet and is 100 feet deep with a total lot size of 7,618 square feet. The zoning is R5D which allows for up to 2 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $482,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received $5,000 in ECB penalties and $5,200 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 $5 million on this tax lot.

The neighborhood

In Arverne, the bulk, or 37 percent of the 1.4 million square feet of commercial built space are specialty buildings, with elevator buildings next occupying 34 percent of the space. In sales, Arverne has the 54th highest sale turnover among other neighborhoods in Queens with $4.8 million in sales volume in the last two years. For development, Arverne has had very little major development activity relative to other neighborhoods.It had 413,360 square feet of commercial and multi-family construction under development in the last two years, which represents 31 percent of the neighborhood’s built space.

The block

On the tax block, there was one new building construction project filed totaling 1,886 square feet. It is a one-unit, 1,886-square-foot R-3 building developed by Samnarain Sooppersaid with plans filed November 5, 2015 and it has not been permitted yet.

The majority, or 100 percent of the 6,810 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that Eshagh Malekan owned at least three commercial properties in New York City with 15,462 square feet and a city-determined market value of $5.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 52 percent of the 15,462 square feet of built space are retail properties, with walkup properties next occupying 48 percent of the space. The bulk, or 52 percent of the built space, is in Queens, with Manhattan next at 48 percent of the space.

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