Nuhma Tuazon pays $2.2M for 10-unit walkup in LIC

Nuhma Tuazon through the entity Tn Venture LLC paid $2.2 million to Frank Denisco through the entity 24-25 45th Ave LLC for the 10-unit residential walkup building (C5) at 21-25 45th Avenue in Long Island City, Queens.
The deal closed on March 4, 2024 and was recorded on March 13, 2024. The property has 2,976 square feet of built space and 1,020 square feet of additional air rights for a total buildable of 4,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $752 and the price per buildable square foot is $560 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 Frank Denisco was Frank Denisco. The signatory for Nuhma Tuazon was Nuhma Tuazon, who owns Nuhma Inflight Dining, a food company that caters to passengers on private jets. The contract date was September 1, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Nuhma Tuazon had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Frank Denisco 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 Tina Stare, head officer. The business entity is 2125 45th Ave Llc.

The property

The residential walkup building with 10 residential units in Long Island City has 2,976 square feet of built space and 1,020 square feet of additional air rights for a total buildable of 4,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Hunters Point Historic District. The city-designated market value for the property in 2022 is $1.1 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 received four DOB 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 10 commercial properties representing 33,484 square feet of the 128,762 square feet. The largest owner is Tina Stare, followed by Robert Tennenhouser and then Michael Gazal.
On the tax block, there was one new building construction project filed totaling 139,611 square feet. It is a 151-unit, 139,611 square-foot hotel/dormitory/shelter (R-1) building submitted by Gus Preponis with plans filed July 29, 2015 and permitted April 11, 2018.

The majority, or 63 percent of the 128,762 square feet of built space are hotel buildings, with walkup buildings next occupying 26 percent of the space.

Direct link to Acris document. link