Platinum Realty Associates pays $2.3M for mixed-use in Astoria

Platinum Realty Associates through the entity 112-45 Spring LLC paid $2.3 million to Shiraz Sanjana through the entity Kane 30 LLC for the four-unit mixed-use building (S9) at 35-02 30th Avenue in Astoria, Queens.
The deal closed on March 15, 2024 and was recorded on April 2, 2024. The property has 4,100 square feet of built space and 1,900 square feet of additional air rights for a total buildable of 6,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $560 and the price per buildable square foot is $383 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 December 21, 2023, for $2 million. The signatory for Shiraz Sanjana was Shiraz Sanjana. The signatory for Platinum Realty Associates was Simkho Aranbayev. The contract date was January 25, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Platinum Realty Associates purchased five properties in five transactions for a total of $15.6 million and sold three properties in three transactions for a total of $16.4 million over the past 24 months.
The seller Shiraz Sanjana purchased five properties in two transactions for a total of $11.8 million and had not sold any properties over the same time period.

The property

The mixed-use building with 4 residential units in Astoria has 4,100 square feet of built space and 1,900 square feet of additional air rights for a total buildable of 6,000 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 C4-2A which allows for up to 3 times floor area ratio (FAR) for commercial and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $976,000.

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 received two housing violations and $225 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 neighborhood

In Astoria, The bulk, or 36 percent of the 40.2 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 31 percent of the space. In sales, Astoria has 2.6 times the average sales volume among other neighborhoods with $745.2 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Astoria has 2.8 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Queens. It had 3.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the 33 commercial properties representing 16,154 square feet of the 138,948 square feet. The largest owner is Tony J. Yee, followed by Simkho Aranbayev and then Perry Moradof.
There are no active new building construction projects on this tax block.

The majority, or 55 percent of the 138,948 square feet of built space are mixed-use buildings, with walkup buildings next occupying 40 percent of the space.

The seller

The PincusCo database currently indicates that Shiraz Sanjana owned at least six commercial properties with six residential units in New York City with 31,700 square feet and a city-determined market value of $8.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 54 percent of the 31,700 square feet of built space are mixed-use properties, with retail properties next occupying 46 percent of the space. The bulk, or 68 percent of the built space, is in Brooklyn, with Queens next at 32 percent of the space.

The buyer

The PincusCo database currently indicates that Platinum Realty Associates owned at least 81 commercial properties with 42 residential units in New York City with 612,867 square feet and a city-determined market value of $105.4 million. (Market value is typically about 50% of actual value.) The portfolio has $43.8 million in debt, borrowed from Signature Bank and First National Bank of Long Island. Within the portfolio, the bulk, or 55 percent of the 612,867 square feet of built space are retail properties, with office properties next occupying 29 percent of the space. The bulk, or 73 percent of the built space, is in Queens, with Brooklyn next at 23 percent of the space.

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