Prabhpreet Janjua pays $4.1M for two industrial parcels in Ozone Park

Prabhpreet Janjua paid $4.1 million for two adjacent industrial properties at 101-42 99th Street and 101-32 99th Street, in Ozone Park, Queens, in two separate transactions.

In the first, Prabhpreet Janjua through the entity 99 Akal LLC paid $2.4 million to Mario Faulisi and Grace Faulisi through the entity 101-42 99th Equities LLC for the industrial building (F9) at 101-42 99th Street in Ozone Park, Queens.

The deal closed on November 30, 2023 and was recorded on December 21, 2023. The property has 4,200 square feet of built space and 8,299 square feet of additional air rights for a total buildable of 12,498 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $571 and the price per buildable square foot is $192 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 July 3, 2007, for $1.3 million. The signatory for Mario Faulisi and Grace Faulisi was Mario Faulisi and Grace Faulisi. The contract date was April 18, 2023.

In the second transaction, Prabhpreet Janjua through the entity 99 Akal LLC paid $1.7 million to Mario Faulisi and Grace Faulisi through the entity 101-32 99th Realty LLC for the specialty building (Z9) at 101-32 99th Street in Ozone Park, Queens.
The deal closed on November 30, 2023 and was recorded on December 21, 2023. The property has 240 square feet of built space and 12,298 square feet of additional air rights for a total buildable of 12,498 square feet according to a PincusCo analysis of city data.

The sale per buildable square foot is $136 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 Mario Faulisi and Grace Faulisi was Mario Faulisi and Grace Faulisi. The signatory for Prabhpreet Janjua was Prabhpreet Janjua. The contract date was April 18, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Prabhpreet Janjua had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Mario Faulisi had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Ozone Park has 4,200 square feet of built space and 8,299 square feet of additional air rights for a total buildable of 12,498 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 9,999 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 $488,000.

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 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 Ozone Park, The bulk, or 28 percent of the 5.4 million square feet of commercial built space are mixed-use buildings, with industrial buildings next occupying 22 percent of the space. In sales, Ozone Park has the 30th highest sale turnover among other neighborhoods in Queens with $52.8 million in sales volume in the last two years. For development, Ozone Park has had very little major development activity relative to other neighborhoods.It had 163,042 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 10 commercial properties representing 2,835 square feet of the 25,168 square feet. The identified owner is Joe Lisena.
There are no active new building construction projects on this tax block.

The majority, or 54 percent of the 25,168 square feet of built space are mixed-use buildings, with industrial buildings next occupying 26 percent of the space.

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