Payam Kermanian pays $6.3M to Werwaiss Properties for industrial in Ditmars Steinway

Payam Kermanian through the entity Sonny Skyline 2.0 LLC paid $6.3 million to Werwaiss Properties for the industrial building (F4) at 20-04 33rd Street in Ditmars Steinway, Queens.
The deal closed on February 11, 2025 and was recorded on February 20, 2025. The property has 15,000 square feet of built space and 3,750 square feet of additional air rights for a total buildable of 18,750 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $423 and the price per buildable square foot is $338 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 Werwaiss Properties was John A. Werwaiss. The signatory for Payam Kermanian was Payam Kermanian. The contract date was November 20, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Payam Kermanian had purchased any other properties and sold one property in one transaction for a total of $1.9 million over the past 24 months.
The seller Werwaiss Properties had not purchased any other properties and sold two properties in two transactions for a total of $15.2 million over the same time period. The 15,000-square-foot property generated revenue of $329,400 or $22 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Ditmars Steinway has 15,000 square feet of built space and 3,750 square feet of additional air rights for a total buildable of 18,750 square feet according to a PincusCo analysis of city data. The parcel has frontage of 150 feet and is 100 feet deep with a total lot size of 15,000 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 $1.2 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

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 Ditmars Steinway, The bulk, or 41 percent of the 11.3 million square feet of commercial built space are walkup buildings, with industrial buildings next occupying 25 percent of the space. In sales, Ditmars Steinway has had very little sales volume relative to other neighborhoods with $134.7 million in sales volume in the last two years. For development, Ditmars Steinway has had very little major development activity relative to other neighborhoods.It had 480,723 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the seven commercial properties representing 66,544 square feet of the 100,148 square feet. The largest owner is Christopher Kyriakides, followed by Payam Kermanian and then Helen Sgantzos.
There are no active new building construction projects on this tax block.

The majority, or 61 percent of the 100,148 square feet of built space are walkup buildings, with industrial buildings next occupying 39 percent of the space.

The seller

The PincusCo database currently indicates that Werwaiss Properties owned at least four commercial properties with 397 residential units in New York City with 145,088 square feet and a city-determined market value of $6.8 million. (Market value is typically about 50% of actual value.) The portfolio has $165.6 million in debt, borrowed from AIG and JPMorgan Chase. Within the portfolio, the bulk, or 98 percent of the 145,088 square feet of built space are elevator properties, with industrial properties next occupying 2 percent of the space. They are all located in Queens.

The buyer

The PincusCo database currently indicates that Payam Kermanian owned at least four commercial properties in New York City with 37,900 square feet and a city-determined market value of $3.9 million. (Market value is typically about 50% of actual value.) The portfolio has $12.1 million in debt, borrowed from Teachers Federal Credit Union and Signature Bank. Within the portfolio, all identified are industrial properties. They are all located in Queens.

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