Nazim Ali Bhatti pays $1.2M for retail in East Elmhurst

Nazim Ali Bhatti through the entity Hybrid 9816 LLC paid $1.2 million to the estate Of Richard J. Hungerford for the two-unit mixed-use retail building (K4) at 98-16 Astoria Boulevard in East Elmhurst, Queens.

The deal closed on November 20, 2023 and was recorded on December 29, 2023. The property has 2,962 square feet of built space and 1,149 square feet of additional air rights for a total buildable of 4,106 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $405 and the price per buildable square foot is $292 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 property

The parcel has frontage of 20 feet and is 108 feet deep with a total lot size of 2,053 square feet. The lot is irregular. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $379,000.

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 not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In East Elmhurst, The bulk, or 48 percent of the 2 million square feet of commercial built space are hotel buildings, with specialty buildings next occupying 17 percent of the space. In sales, East Elmhurst has the 57th highest sale turnover among other neighborhoods in Queens with $5 million in sales volume in the last two years. For development, East Elmhurst has had very little major development activity relative to other neighborhoods.It had 362,658 square feet of commercial and multi-family construction under development in the last two years, which represents 19 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the eight commercial properties representing 7,426 square feet of the 26,254 square feet. The two identified owners are Marcio Reyes and Winston H.B. Cobbs.
There are no active new building construction projects on this tax block.

The majority, or 62 percent of the 26,254 square feet of built space are mixed-use buildings, with office buildings next occupying 38 percent of the space.

Direct link to Acris document. link