Nerissa Mongis Go pays $4.8M for 9-unit rental in Jamaica Estates

Nerissa Mongis Go through the entity Avon Towers LLC paid $4.8 million to Payeman Raja through the entity Raja Business, Inc. for the nine-unit residential elevator building (D7) at 87-16 Avon Street in Jamaica Estates, Queens.
The deal closed on May 8, 2024 and was recorded on May 13, 2024. The property has 14,298 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $332 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 Payeman Raja was Payeman Raja. The signatory for Nerissa Mongis Go was Nerissa Mongis Go. The contract date was December 15, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Nerissa Mongis Go had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Payeman Raja had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Sajjad Raja, head officer and Christina Villafana, agent. The business entities are Real Property Management New York Gold and Raja Business, Inc.

The property

The residential elevator building with 9 residential units in Jamaica Estates has 14,298 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 60 feet and is 128 feet deep with a total lot size of 7,459 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The property has a 421a exemption that started in 2016 and expires in 2031. The city-designated market value for the property in 2022 is $2.1 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

For the tax lot building, it received its initial certificate of occupancy on June 21, 2013. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of three of the four commercial properties representing 56,806 square feet of the 64,840 square feet. The largest owner is Raja Business Inc., followed by Healthcare Trust of America and then Albert Rabidzadeh.
There are no active new building construction projects on this tax block.

The majority, or 57 percent of the 64,840 square feet of built space are specialty buildings, with elevator buildings next occupying 22 percent of the space.

Direct link to Acris document. link