Nissan Jusupov through the entity R&N 173-53 Croyden LLC paid $6.5 million to the United Nations International School for the school building (W3) at 173-53 Croydon Road and the adjacent vacant parcel (V0) at 173-65 Croydon Road in Jamaica Estates, Queens.
The United Nations Internationals School is an independent private school affiliated with the United Nations located on the East Side of Manhattan. The school for decades operated a smaller location at the Jamaica Estates location, but closed it in 2022.
The deal closed on September 1, 2023 and was recorded on September 20, 2023. The two properties have 17,475 square feet of built space and 7,720 square feet of additional air rights for a total buildable of 25,080 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $371 and the price per buildable square foot is $259 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 United Nations International School was Lena Dissin. The signatory for Nissan Jusupov was Nissan Jusupov. The contract date was July 15, 2022.
Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 173-53 Croydon.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Nissan Jusupov had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller United Nations International School had not purchased any other properties and had not sold any properties over the same time period.
The specialty building in Jamaica Estates has 17,475 square feet of built space and 7,720 square feet of additional air rights for a total buildable of 25,080 square feet according to a PincusCo analysis of city data. The parcel has frontage of 150 feet and is 240 feet deep with a total lot size of 43,400 square feet. The lot is irregular. The zoning is R1-2 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 $5.3 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.
In Jamaica Estates, the majority, or 58 percent of the 2.7 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 14 percent of the space. In sales, Jamaica Estates has the 43rd highest sale turnover among other neighborhoods in Queens with $18.4 million in sales volume in the last two years. For development, Jamaica Estates has had very little major development activity relative to other neighborhoods.It had 77,498 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.
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