Mohmoud Widdi pays $4.5M to Itzhaki Acquisitions for retail in South Jamaica

Mohmoud Widdi through the entity MW Grand Holdings LLC paid $4.5 million to Itzhaki Acquisitions through the entity Gbr 117-02 LLC for midblock retail building at 117-10 Guy R Brewer Boulevard in South Jamaica, Queens.
The deal closed on March 22, 2022 and was recorded on April 6, 2022.

The property has 8,885 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $506 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 March 6, 2012, for $780,000. The signatory for Itzhaki Acquisitions was Gil Boosidan. The signatory for Mohmoud Widdi was Mohmoud Widdi.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Mohmoud Widdi had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Itzhaki Acquisitions had not purchased any other properties and had not sold any properties over the same time period. The 8,885-square-foot property generated revenue of $274,445 or $31 per square foot, according to the most recent income and expense figures.

The property

The 117-10 Guy R Brewer Blvd parcel has frontage of 86 feet and is 93 feet deep with a total lot size of 8,885 square feet. The zoning is R3-2 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.6 million.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has received $650 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on September 30, 2014. 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 South Jamaica, the majority, or 71 percent of the 10.2 million square feet of commercial built space are 1-4 family buildings, with residential elevator buildings next occupying 13 percent of the space. In sales, South Jamaica has the 38th highest sale turnover among other neighborhoods in Queens with $21.2 million in sales volume in the last two years. For development, South Jamaica has had very little major development activity relative to other neighborhoods.It had 26,410 square feet of commercial and multi-family construction under development in the last two years, which represents 0.26 percent of the neighborhood’s built space.

The block

There is one active new building construction project totaling 3,693 square feet. It is a one-unit, 3,693-square-foot R-3 building developed by Abdul Sikder with plans filed January 17, 2020 and it has not been permitted yet.

The majority, or 62 percent of the 42,611 square feet of built space are 1-4 family buildings, with retail buildings next occupying 32 percent of the space.

The seller

The PincusCo database currently indicates that Itzhaki Acquisitions owned at least four commercial properties with 44,929 square feet and a city-determined market value of $9.9 million. (Market value is typically about 50% of actual value.) The portfolio has $9.8 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 67 percent of the 44,929 square feet of built space are residential elevator properties, with residential walkup properties next occupying 33 percent of the space. The bulk, or 67 percent of the built space, is in Manhattan, with Brooklyn next at 33 percent of the space.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 117-10 Guy R Brewer Blvd that occurred over the past 24 months.

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