Pirzada Properties pays $14.5M to Seko Mujevic for 28-unit rental in Astoria

Pirzada Properties through the entity Pirzada Graffiti House LLC paid $14.5 million to Seko Mujevic through the entity Welling Ct. LLC for the 28-unit rental (D3) at 11-07 Welling Court in Astoria, Queens.
The deal closed on August 20, 2021 and was recorded on August 31, 2021.
The property has 27,145 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $534 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 Seko Mujevic was Seko Mujevic. The signatory for Pirzada Properties was Fozan S. Pirzada.
(420804080)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 28 residential units on December 23, 2016. (420804080) Plans for a 28-unit, 19,186 square-foot R-2 were filed on January 17, 2013 and were permitted on August 25, 2015.
Pirzada bought a 37-unit rental in Astoria in January 2021.
The former owners according to the Department of Housing Preservation and Development included Seko Mujevic, individual owner and Sami Mujevic, site manager.

Within a 400-foot radius of 11-07 Welling Court, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit issued on December 30, 2020 for a 52,405-square-foot R-2 building with 67 residential units at 30-07 Vernon Blvd.
Of those three items, two were loans above $5 million totaling $52 million. The most recent of the two was CC & Associates Consulting Inc which borrowed $26.0 million from S3 Capital secured by the 0-square-foot development site (V1) on 30-05 Vernon Boulevard on June 16, 2021.

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