Rayan Javidnia pays $2M to Jacob Fulop for 6-unit walkup in Ridgewood

Rayan Javidnia through the entity 18-89 Troutman St LLC paid $2 million to Jacob Fulop through the entity Troutman Lofts LLC for the six-unit residential walkup building (C2) at 18-89 Troutman Street in Ridgewood, Queens.
The deal closed on March 7, 2024 and was recorded on March 18, 2024. The property has 4,720 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $423 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 June 22, 2015, for $1,000,000. The signatory for Jacob Fulop was Jacob Fulop. The signatory for Rayan Javidnia was Rayan Javidnia. The contract date was November 9, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Rayan Javidnia had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jacob Fulop purchased nine properties in nine transactions for a total of $53.3 million and sold four properties in four transactions for a total of $26.4 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Jacob Lefkowitz, individual owner and Pessy Fulop, agent.

The property

The residential walkup building with 6 residential units in Ridgewood has 4,720 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 23 feet and is 95 feet deep with a total lot size of 2,214 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $756,000.

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 nine housing violations and $350 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 block

On this tax block, PincusCo has identified the owners of three of the 20 commercial properties representing 14,160 square feet of the 158,712 square feet. The largest owner is Partners Path, followed by Lisa Ficalora and then Fadil Lukolic.
There are no active new building construction projects on this tax block.

The majority, or 53 percent of the 158,712 square feet of built space are industrial buildings, with walkup buildings next occupying 42 percent of the space.

The seller

The PincusCo database currently indicates that Jacob Fulop owned at least 25 commercial properties with 206 residential units in New York City with 232,183 square feet and a city-determined market value of $44.9 million. (Market value is typically about 50% of actual value.) The portfolio has $120.5 million in debt, with top three lenders as Bank of Princeton, Bank Leumi, and Republic Bank respectively. Within the portfolio, the bulk, or 45 percent of the 232,183 square feet of built space are walkup properties, with elevator properties next occupying 24 percent of the space. The bulk, or 89 percent of the built space, is in Brooklyn, with Manhattan next at 11 percent of the space.

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