Siddek Alhumadi pays $5.6M for 9-unit rental in Parkchester

Siddek Alhumadi through the entity M & S Archer Realty LLC paid Michael Dourountoudakis’s 1875 Archer Street, LLC $5.6 million for 1875 Archer Street in Parkchester. The deal closed on March 26, 2021 and was recorded on April 8, 2021. The transaction consists of 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 9 residential units. The property is 17,120 square feet. The parcel(s) have total development potential of 17,120 square feet.
The average sale price per square foot is $327.

Over the past five years, there have been 2 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.

Direct link to Acris document. link
The signatory for the buyer was Siddek S. Alhumadi.