Shibber Khan’s Criterion Group buys additional stake in its LIC development site for $18M

Shibber Khan’s Criterion Group through the entity Sylhet Khan LLC paid Vadim Lubianitsky, as sole trustee of a Queens trust, $18.4 million for an interest in the development site at 31-08 Northern Boulevard, 31-16 Northern Boulevard in Long Island City. The deal closed on November 5, 2019, and was recorded on November 14, 2019. The transaction consists of 5 parcels, including the tax class one-story, fireproof or semi-fireproof, garage (G2).
Khan filed plans with the Department of Buildings to build a large self-storage facility there. The last time the property sold was April 27, 2015, when the Criterion Group purchased it for $40,000,000.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $85,000.There has been one new building permit application totaling 248,681 square feet. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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