Nonprofit Chhaya pays $3.2M for office in Jackson Heights

Chhaya Community Development Corporation paid $3.2 million to Ataur Chowdhury and the estate of Hector Marichal through the entity Bali Associates LLC for the office building (O2) at 37-21 75th Street in Jackson Heights, Queens. The expected use is owner-occupied.
The deal closed on May 6, 2025 and was recorded on May 29, 2025. The property has 5,534 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $578 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 seller bought the property on June 4, 2013, for $1.1 million. The signatory for Ataur Chowdhury and Hector Marichal was Ataur Chowdhury and Angela Trepiccione. The contract date was May 14, 2024. Hector Marichal is deceased.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Chhaya Community Development Corporation had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Ataur Chowdhury had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Hector Marichal, head officer. The business entity is Bali Associates Llc. The 5,534-square-foot property generated revenue of $191,753 or $35 per square foot, according to the most recent income and expense figures.

The property

The office building in Jackson Heights has 5,534 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 100 feet deep with a total lot size of 4,000 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 $707,000.

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 Jackson Heights, The bulk, or 42 percent of the 16.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 18 percent of the space. In sales, Jackson Heights has had very little sales volume relative to other neighborhoods with $186 million in sales volume in the last two years. For development, Jackson Heights has had very little major development activity relative to other neighborhoods.It had 368,584 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 three of the 15 commercial properties representing 116,799 square feet of the 229,324 square feet. The largest owner is Fisher Associates, followed by Cammeby’S International Group and then Lawrence Opedal.
There are no active new building construction projects on this tax block.

The majority, or 62 percent of the 229,324 square feet of built space are elevator buildings, with mixed-use buildings next occupying 19 percent of the space.

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