Rafael Allayev pays $4.8M to Goldberg Group for retail in Queens

Rafael Allayev through the entity 102-45 Jamaica Ave LLC paid $4.8 million to Goldberg Group through the entity Burita LLC for the retail building (K1) at 177-13 Union Turnpike in Utopia, Queens.
The deal closed on October 4, 2023 and was recorded on October 16, 2023. The property has 6,700 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $717 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 Goldberg Group was Joshua Goldberg. The signatory for Rafael Allayev was Rafael Allayev. The contract date was July 26, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Rafael Allayev had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Goldberg Group had not purchased any other properties and sold five properties in two transactions for a total of $6.5 million over the same time period. The 6,700-square-foot property generated revenue of $337,203 or $50 per square foot, according to the most recent income and expense figures.

The property

The retail building in Utopia has 6,700 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 96 feet deep with a total lot size of 10,183 square feet. The lot is irregular. The zoning is R2A which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.6 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 five DOB violations and $1,400 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 Utopia, The bulk, or 39 percent of the 548,387 square feet of commercial built space are specialty buildings, with retail buildings next occupying 26 percent of the space. In sales, Utopia has the 52nd highest sale turnover among other neighborhoods in Queens with $8.7 million in sales volume in the last two years. For development, Utopia has had very little major development activity relative to other neighborhoods.It had 48,514 square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

All properties are retail.

The seller

The PincusCo database currently indicates that Goldberg Group owned at least three commercial properties with five residential units in New York City with 30,328 square feet and a city-determined market value of $12.6 million. (Market value is typically about 50% of actual value.) The portfolio has $78.9 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 62 percent of the 30,328 square feet of built space are retail properties, with mixed-use properties next occupying 38 percent of the space. The bulk, or 62 percent of the built space, is in Queens, with Manhattan next at 38 percent of the space.

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