Shiraz Rayani pays $6M for retail in Jackson Heights

Shiraz H. Rayani and Gulzar S. Rayani through the entity 7401 Roosevelt Ave LLC paid $6 million to Despina Tsoumpas through the entity Tsoumpas Realty Corp. for the retail building (K1) at 74-01 Roosevelt Avenue in Jackson Heights, Queens.
The deal closed on May 31, 2023 and was recorded on June 16, 2023. The property has 1,900 square feet of built space and 2,717 square feet of additional air rights for a total buildable of 4,617 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $3,157 and the price per buildable square foot is $1,299 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 Despina Tsoumpas was Despina Tsoumpas. The signatory for Shiraz H. Rayani and Gulzar S. Rayani was Shiraz H. Rayani.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Shiraz H. Rayani had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Despina Tsoumpas had not purchased any other properties and had not sold any properties over the same time period. The 1,900-square-foot property generated revenue of $335,458 or $177 per square foot, according to the most recent income and expense figures.

The property

The retail building in Jackson Heights has 1,900 square feet of built space and 2,717 square feet of additional air rights for a total buildable of 4,617 square feet according to a PincusCo analysis of city data. The parcel has frontage of 95 feet and is 20 feet deep with a total lot size of 1,900 square feet. The zoning is C4-3 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $1.8 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 $1,500 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 Jackson Heights, The bulk, or 42 percent of the 16.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 18 percent of the space. In sales, Jackson Heights has had very little sales volume relative to other neighborhoods with $210.8 million in sales volume in the last two years. For development, Jackson Heights has had very little major development activity relative to other neighborhoods.It had 470,577 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 28 commercial properties representing 6,160 square feet of the 169,985 square feet. The identified owner is Jaswinder Singh.
There are no active new building construction projects on this tax block.

The majority, or 44 percent of the 169,985 square feet of built space are retail buildings, with mixed-use buildings next occupying 30 percent of the space.

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