Ravinder Singh pays $6M for 59-unit dev site in Jamaica

Ravinder Singh through the entity Hillside Realty Holding LLC paid $6 million to Farhad Reja and Mina Farah through the entity F.R.M.F. Liberty Avenue 1 Family Limited Partnership for the industrial building at 150-02 Hillside Avenue in Jamaica, Queens.
The deal closed on January 24, 2022 and was recorded on February 25, 2022.
Ravinder Singh filed plans (Q00665096) for a 59-unit, 61,856 square-foot residential (R-2) building on January 21, 2022.
The current industrial property has 720 square feet of built space and 46,007 square feet of additional air rights for a total buildable of 46,708 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $128 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 February 20, 2020, for $5 million.
The signatory for Farhad Reja and Mina Farah was Farhad Reja and Mina Farah. The signatory for Ravinder Singh was Ravinder Singh.

In Jamaica, the bulk, or 33 percent of the 46.7 million square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 20 percent of the space. In sales, Jamaica has had very little sales volume relative to other neighborhoods with $164 million in sales volume in the last two years. For development, Jamaica has 3.7 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Queens. It had 3.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.
On the tax block, the majority, or 45 percent of the 175,474 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 28 percent of the space.
Within a 400-foot radius of 150-02 Hillside Avenue, Pincusco identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, four were loans above $5 million totaling $409.8 million. The most recent of the four was Zara Realty Holding which borrowed $16.2 million from Dime Community Bank secured by the 79,200-square-foot, 96-unit rental (C1) on 150-01 88th Avenue on November 1, 2021.

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