Sadia Malik pays $7.1M for retail in Arden Heights

Sadia Malik through the entity S & S Assets LLC paid $7.1 million to Nathan Lev Ari and Shahar Spitzer through the entity 1281 Arthur Kill Road, LLC for the retail building (K1) at 1281 Arthur Kill Road in Arden Heights, Staten Island. The expected use is cash flowing.
The deal closed on December 12, 2024 and was recorded on January 14, 2025. The property has 22,106 square feet of built space and 14,720 square feet of additional air rights for a total buildable of 36,800 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $321 and the price per buildable square foot is $192 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 April 4, 2006, for $3.1 million. The signatory for Nathan Lev Ari and Shahar Spitzer was Nathan Lev Ari and Shahar Spitzer. The signatory for Sadia Malik was Sadia Malik. The contract date was April 10, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Sadia Malik had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Nathan Lev Ari had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in Arden Heights has 22,106 square feet of built space and 14,720 square feet of additional air rights for a total buildable of 36,800 square feet according to a PincusCo analysis of city data. The parcel has frontage of 96 feet and is 384 feet deep with a total lot size of 36,800 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $3.1 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 $1,000 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 the tax block, there were four new building construction projects totaling 715,470 square feet. The largest is a 296,537 square-foot utility and miscellaneous (U) building submitted by Glenn Brue (City Of Ny Ddc with plans filed April 12, 2019 and permitted August 2, 2024. The second largest is a 209,208 square-foot industrial (F-1) building submitted by Glenn Brue (For Nyc Ddc) with plans filed February 20, 2019 and permitted June 3, 2021.

The majority, or 59 percent of the 147,056 square feet of built space are industrial buildings, with retail buildings next occupying 29 percent of the space.

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