Mohammed Chowdhury pays $7.2M for two mixed-use properties in Jamaica Hills

Mohammed Chowdhury through the entity 168th Place Condominium LLC paid $7.2 million to Sohail I. Cheema through the entity Ssl Development LLC for two five-unit mixed-use buildinsg (S5) at 87-44 and 87-46 168th Place in Jamaica Hills, Queens.
The deal closed on February 16, 2023 and was recorded on March 1, 2023.The two properties have 13,464 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $538 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 Sohail I. Cheema was Sohail I. Cheema. The signatory for Mohammed W. Chowdhury was Mohammed W. Chowdhury. The contract date is June 14, 2019.

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 87-44 168th Place.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Mohammed W. Chowdhury had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Sohail I. Cheema had not purchased any other properties and had not sold any properties over the same time period.

The property

The 87-44 168th Place parcel has frontage of 41 feet and is 100 feet deep with a total lot size of 4,150 square feet. The zoning is R4A which allows for up to 0.75 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 properties since September of 2020. In addition, according to city public data, the properties have received $2,330 in OATH penalties in the last year.

Development

For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. On these lots, there is one active new building construction project for a four-unit J-2 building. The project was developed by Abdul Majeed with plans filed March 13, 2006 and permitted February 2, 2016.

The neighborhood

In Jamaica Hills, the bulk, or 50 percent of the 2.1 million square feet of commercial built space are specialty buildings, with elevator buildings next occupying 30 percent of the space. In sales, Jamaica Hills has not had any sales in the last two years. For development, Jamaica Hills has had very little major development activity relative to other neighborhoods.It had 37,477 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On the tax block of 87-44 168th Place, PincusCo has identified the owners of one of the seven commercial properties representing 4,810 square feet of the 44,478 square feet. The identified owner is Conmemoracion Quiambao.
On the tax block, there was one new building construction project filed totaling zero square feet. It is a four-unit, zero-square-foot J-2 building developed by Abdul Majeed with plans filed March 13, 2006 and permitted August 21, 2006.

The majority, or 45 percent of the 44,478 square feet of built space are retail buildings, with mixed-use buildings next occupying 44 percent of the space.

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