Roza Koyenova pays $3.9M to Queens County Bar Assoc. for office in Jamaica

Roza Koyenova through the entity 9031 148th St Realty LLC paid $3.9 million to Queens County Bar Association through the entity Queens County Bar Association Fund Inc. for the office building (O2) at 90-35 148th Street in Jamaica, Queens.
The deal closed on September 26, 2024 and was recorded on October 24, 2024. The property has 10,800 square feet of built space and 13,169 square feet of additional air rights for a total buildable of 23,944 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $361 and the price per buildable square foot is $162 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 Queens County Bar Association was Jonathan Riegel. The signatory for Roza Koyenova was Roza Koyenova. The contract date was May 31, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Roza Koyenova had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Queens County Bar Association had not purchased any other properties and had not sold any properties over the same time period.

The property

The office building in Jamaica has 10,800 square feet of built space and 13,169 square feet of additional air rights for a total buildable of 23,944 square feet according to a PincusCo analysis of city data. The parcel has frontage of 60 feet and is 97 feet deep with a total lot size of 5,986 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.1 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 $25 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 Jamaica, The bulk, or 34 percent of the 29.2 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 14 percent of the space. In sales, Jamaica has 1.3 times the average sales volume among other neighborhoods with $317.5 million in sales volume in the last two years and is the 4th highest in Queens. For development, Jamaica has 1.8 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 2 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.

The block

On this tax block, PincusCo has identified the owners of seven of the 14 commercial properties representing 350,450 square feet of the 396,930 square feet. The largest owner is Zara Realty Holding, followed by Frank Reina and then Aharon Bazak.
On the tax block, there was one new building construction project filed totaling 50,315 square feet. It is a 47-unit, 50,315 square-foot residential (R-2) building submitted by Hi Jong Lee and filed by Hi Jong Lee with plans filed June 26, 2023 and it has not been permitted yet.

The majority, or 78 percent of the 396,930 square feet of built space are elevator buildings, with walkup buildings next occupying 9 percent of the space.

The buyer

The PincusCo database currently indicates that Roza Koyenova owned at least one commercial property in New York City with 11,100 square feet and a city-determined market value of $1.6 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single specialty property. It is located in Brooklyn.

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