Sherajul Islam pays $10.5M for 31-unit rental in Jamaica

Sherajul Islam through the entity Aryana Holdings Inc paid $10.5 million to Harjit Singh, Bishan Singh, and Malkiat Singh through the entity 171st Street LLC for the 31-unit residential elevator building (D1) at 87-67 171st Street in Jamaica, Queens. The expected use is cash flowing.
The deal closed on April 23, 2025 and was recorded on April 29, 2025. The property has 27,252 square feet of built space and 2,370 square feet of additional air rights for a total buildable of 29,630 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $385 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 bought the property on December 4, 2013, for $1.4 million. The signatory for Harjit Singh , Bishan Singh, and Malkiat Singh was Harjit Singh, Bishan Singh, and Malkiat Singh. The signatory for Sherajul Islam was Sherajul Islam. The contract date was October 27, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Sherajul Islam had purchased any other properties and sold one property in one transaction for a total of $2.4 million over the past 24 months.
The seller Harjit Singh had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Harjit Singh, head officer. The business entity is 171st Street Llc.

The property

The residential elevator building with 31 residential units in Jamaica has 27,252 square feet of built space and 2,370 square feet of additional air rights for a total buildable of 29,630 square feet according to a PincusCo analysis of city data. The parcel has frontage of 64 feet and is 92 feet deep with a total lot size of 5,926 square feet. The lot is irregular. The zoning is R7X which allows for up to 5 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.8 million. The most recent loan totaled $8 million and was provided by Preferred Bank on May 24, 2021. The property has 31 rent regulated units according to city tax records from 2023.

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 one DOB violation, $2,530 in ECB penalties, and $2,630 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on March 12, 2021. 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 four of the nine commercial properties representing 153,388 square feet of the 177,608 square feet. The largest owner is Zara Realty Holding, followed by Sherajul Islam and then Deoki (Trustee) Parsana.
On the tax block, there was one new building construction project filed totaling 2,332 square feet. It is a two-unit, 2,332 square-foot residential (R-3) building submitted by Kristendutt Deoki with plans filed August 16, 2017 and permitted August 9, 2022.

The majority, or 86 percent of the 177,608 square feet of built space are elevator buildings, with mixed-use buildings next occupying 7 percent of the space.

The seller

The PincusCo database currently indicates that Malkiat Singh owned at least one commercial property with 10 residential units in New York City with 11,374 square feet and a city-determined market value of $2.3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Queens.
The PincusCo database currently indicates that Harjit Singh owned at least one commercial property with 10 residential units in New York City with 11,374 square feet and a city-determined market value of $2.3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Queens.

The buyer

The PincusCo database currently indicates that Sherajul Islam owned at least one commercial property with 31 residential units in New York City with 27,252 square feet and a city-determined market value of $4.1 million. (Market value is typically about 50% of actual value.) The portfolio has $5.2 million in debt, borrowed from Amerasia Bank. The portfolio consists of at least a single elevator property. It is located in Queens.

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