Sabbir Ahmed pays $963K for foreclosed mixed-use in South Ozone Park

Sabbir Ahmed through the entity Premium Portfolio Holdings Inc. paid $963,840 for the mixed-use building (K2) at 127-18 Liberty Avenue in South Ozone Park, Queens.
The deal closed on November 30, 2023 and was recorded on December 29, 2023. The property has 2,050 square feet of built space and 665 square feet of additional air rights for a total buildable of 2,718 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $470 and the price per buildable square foot is $354 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 was an owner who lost the building through a foreclosure sale. This is a foreclosure sale 707051/2022. Joseph Misk, the signatory for the seller, is the referee. Rahim Ali was the prior owner.

Prior sales and revenue

The 2,050-square-foot property generated revenue of $78,625 or $38 per square foot, according to the most recent income and expense figures.

The property

The parcel has frontage of 20 feet and is 69 feet deep with a total lot size of 1,359 square feet. The lot is irregular. 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 $398,000.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $700,000 commercial foreclosure concerning a loan filed on March 31, 2022, by AJ PARTNERS LENDING LLC against Rahim Ali. In addition, according to city public data, the property has received $130 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 South Ozone Park, The bulk, or 27 percent of the 6.3 million square feet of commercial built space are mixed-use buildings, with specialty buildings next occupying 26 percent of the space. In sales, South Ozone Park has had very little sales volume relative to other neighborhoods with $129.8 million in sales volume in the last two years. For development, South Ozone Park has had very little major development activity relative to other neighborhoods.It had 417,994 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 the tax block, there were five new building construction projects totaling 7,872 square feet. The largest is a two-unit, 3,900 square-foot residential (R-3) building submitted by Harjit Singh with plans filed July 26, 2021 and permitted September 16, 2022. The second largest is a one-unit, 2,932 square-foot residential (R-3) building submitted by Lakhwinder Multani with plans filed June 12, 2015 and it has not been permitted yet.

The majority, or 68 percent of the 23,570 square feet of built space are mixed-use buildings, with retail buildings next occupying 23 percent of the space.

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