Neel Dvidevi pays $5M for retail in Kew Gardens

Neel Dvidevi through the entity 135-11 Hillside LLC paid $5 million to Craig R. Strauss through the entity Ckr Realty Holding Co. LLC for the retail building (K1) at 135-11 Hillside Avenue in Kew Gardens, Queens.
The deal closed on January 17, 2024 and was recorded on January 26, 2024. The property has 7,011 square feet of built space and 22,198 square feet of additional air rights for a total buildable of 29,157 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $720 and the price per buildable square foot is $173 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 Craig R. Strauss was Craig R. Strauss. The signatory for Neel Dvidevi was Anthony Simari. The contract date was August 17, 2023. The sale was financed with a purchase money mortgage.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Neel Dvidevi purchased one other property for $5.8 million and has no record it sold any properties over the past 24 months.
The seller Craig R. Strauss had not purchased any other properties and sold one properties in one transactions for a total of $6.3 million over the same time period.

The property

The retail building in Kew Gardens has 7,011 square feet of built space and 22,198 square feet of additional air rights for a total buildable of 29,157 square feet according to a PincusCo analysis of city data. The parcel has frontage of 129 feet and is 123 feet deep with a total lot size of 11,999 square feet. The lot is irregular. 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 $1 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 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 Kew Gardens, The bulk, or 47 percent of the 6.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 15 percent of the space. In sales, Kew Gardens has the 55th highest sale turnover among other neighborhoods in Queens with $8.5 million in sales volume in the last two years. For development, Kew Gardens has had very little major development activity relative to other neighborhoods.It had 158,822 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 this tax block, PincusCo has identified the owners of one of the three commercial properties representing 9,600 square feet of the 16,611 square feet. The identified owner is Mahrdad Tabasi.
There are no active new building construction projects on this tax block.

The majority, or 58 percent of the 16,611 square feet of built space are walkup buildings, with retail buildings next occupying 42 percent of the space.

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