Nichols Melissinos pays $4.8M for 32-unit walkup in Jackson Heights

Nichols Melissinos through the entity Melco Realty LLC paid $4.8 million to the Deternova family through the entity SGD Associates, LLC for the 32-unit residential walkup building (C1) at 35-42 73rd Street in Jackson Heights, Queens. The expected use is cash flowing.
The deal closed on November 18, 2024 and was recorded on November 26, 2024. The property has 25,832 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $183 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 Gregory Deternova, Sergio Deternova, and Daniel Deternova was Daniel Deternova. The signatory for Nichols Melissinos was Nichols Melissinos. The contract date was August 19, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Nichols Melissinos had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Gregory Deternova 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 Gregory Deternova, head officer and Sergio Deternova, officer. The business entity is S G D Associates Llc.

The property

The residential walkup building with 32 residential units in Jackson Heights has 25,832 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 110 feet and is 100 feet deep with a total lot size of 11,000 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.1 million. The property has 26 rent regulated units according to city tax records from 2023.

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 block

On this tax block, PincusCo has identified the owners of four of the 13 commercial properties representing 19,440 square feet of the 119,593 square feet. The largest owner is Yongyut Limleartvate, followed by Harry Otterman and then Marilyn Karlich.
There are no active new building construction projects on this tax block.

The majority, or 93 percent of the 119,593 square feet of built space are walkup buildings, with retail buildings next occupying 6 percent of the space.

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