Pervez Siddiqui pays $5M for 5-unit walkup in Hell’s Kitchen

Pervez Siddiqui through the entity 460 West 51st Property LLC paid $5 million to Abid Zulfiqar through the entity Sanna Ak Realty LLC for the five-unit residential walkup building (C2) at 460 West 51st Street in Hell’s Kitchen, Manhattan.
The deal closed on October 2, 2023 and was recorded on October 13, 2023. The property has 4,428 square feet of built space and 8,158 square feet of additional air rights for a total buildable of 12,593 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,129 and the price per buildable square foot is $397 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 November 1, 2018, for $6.8 million. The signatory for Abid Zulfiqar was Abid Zulfiqar. The signatory for Pervez A. Siddiqui was Pervez A. Siddiqui. The contract date was January 1, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Pervez A. Siddiqui purchased one property in one transaction for a total of $3.2 million and has no record it sold any properties over the past 24 months.
The seller Abid Zulfiqar 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 Abid Zulfiqar, head officer and Marcelle Cohen, site manager. The business entity is Sanna Ak Realty Llc.

The property

The residential walkup building with 5 residential units in Hell’s Kitchen has 4,428 square feet of built space and 8,158 square feet of additional air rights for a total buildable of 12,593 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 2,092 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.5 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, one housing violation, and $1,050 in OATH penalties 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 14 of the 36 commercial properties representing 114,459 square feet of the 310,447 square feet. The largest owner is Sackman Enterprises, followed by Robert Von Ancken and then Madison Realty Capital.
There are no active new building construction projects on this tax block.

The majority, or 80 percent of the 310,447 square feet of built space are walkup buildings, with office buildings next occupying 9 percent of the space.

The buyer

The PincusCo database currently indicates that Pervez A. Siddiqui owned at least one commercial property with 15 residential units in New York City with 12,160 square feet and a city-determined market value of $1.3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

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