Rajive Maret, Xhelal Ahmetaj pay $5.6M for 101-unit dev site in Arverne

Rajive Maret and Xhelal Ahmetaj through the entity 2769 Creston Ave, LLC paid $5.6 million to United Developers through the entity UBC 126 LLC for industrial building (G7) at approximately 60-28 Beach Channel Drive in Arverne, Queens.

On the lot, there is one active new building construction project for a 101-unit, 74,849 square-foot residential (R-2) building. The project was submitted by Matthew Ahdoot of United Developers with plans filed July 11, 2022 and it has not been permitted yet.
The deal closed on February 2, 2023 and was recorded on February 16, 2023. The property has zero square feet of built space and 65,878 square feet of additional air rights for a total buildable of 65,878 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $85 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 18, 2022, for $4 million. The signatory for United Developers was Matthew Ahdoot. The signatory for Rajive Maret and Xhelal Ahmetaj was Rajive Maret and Xhelal Ahmetaj.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Rajive Maret had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller United Developers purchased five properties in four transactions for a total of $11.4 million and sold one property in one transaction for a total of $4.4 million over the same time period.

The property

The N/A Beach Channel Drive parcel has frontage of 202 feet and is 218 feet deep with a total lot size of 32,939 square feet. The lot is irregular. The zoning is R5D which allows for up to 2 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

The neighborhood

In Arverne, the bulk, or 37 percent of the 1.4 million square feet of commercial built space are specialty buildings, with elevator buildings next occupying 34 percent of the space. In sales, Arverne has the 51st highest sale turnover among other neighborhoods in Queens with $7.4 million in sales volume in the last two years. For development, Arverne has had very little major development activity relative to other neighborhoods.It had 413,360 square feet of commercial and multi-family construction under development in the last two years, which represents 31 percent of the neighborhood’s built space.

The block

On the tax block, there were two new building construction projects totaling 76,813 square feet. The largest is a 101-unit, 74,849-square-foot R-2 building developed by Matthew Ahdoot with plans filed July 11, 2022 and it has not been permitted yet.The second largest is a zero-unit, 1,964-square-foot S-2 building developed by Ariel Zabloski with plans filed August 24, 2017 and it has not been permitted yet.

All properties are industrial.

The seller

The PincusCo database currently indicates that United Developers owned at least five commercial properties in New York City with 14,033 square feet and a city-determined market value of $4.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 75 percent of the 14,033 square feet of built space are retail properties, with industrial properties next occupying 25 percent of the space. The bulk, or 42 percent of the built space, is in Queens, with Bronx next at 33 percent of the space.

The buyer

The PincusCo database currently indicates that Rajive Maret owned at least one commercial property in New York City with 4,350 square feet and a city-determined market value of $742,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Bronx.

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