Subraj family’s Zara Realty sells retail in Richmond Hill for $3.1M

Sharanjit Kaur through the entity Mmdk102 Group LLC paid $3.1 million to Zara Realty Holding through the entity Zara Realty Holding Corp. for the retail building at 102-33 Atlantic Avenue in Richmond Hill, Queens.
The deal closed on February 18, 2022 and was recorded on March 23, 2022. The property has 8,872 square feet of built space and 3,263 square feet of additional air rights for a total buildable of 12,087 square feet according to PincusCo analysis of city data. The sale price per built square foot is $350 and the price per buildable square foot is $257 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 7, 2016, for $1.4 million. The signatory for Zara Realty Holding was Rajesh Anthony Subraj. The signatory for Sharanjit Kaur was Sharanjit Kaur. Rajesh Anthony Subraj is the vice president of Zara Realty Holding.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Sharanjit Kaur had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Zara Realty Holding had not purchased any other properties and had not sold any properties over the same time period.

The property

The 102-33 Atlantic Avenue parcel has frontage of 153 feet and is 79 feet deep with a total lot size of 12,087 square feet. The zoning is C8-1 which allows for up to 1 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $791,000.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Richmond Hill, the majority, or 51 percent of the 14 million square feet of commercial built space are 1-4 family buildings, with industrial buildings next occupying 12 percent of the space. In sales, Richmond Hill has the 39th highest sale turnover among other neighborhoods in Queens with $16 million in sales volume in the last two years. For development, Richmond Hill has had very little major development activity relative to other neighborhoods. It had 177,095 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 65 percent of the 52,520 square feet of built space are 1-4 family buildings, with retail buildings next occupying 28 percent of the space.

The seller

The PincusCo database currently indicates that Zara Realty Holding owned at least 47 commercial properties with 2,456,008 square feet and a city-determined market value of $243.5 million. (Market value is typically about 50% of actual value.) The portfolio has $235.9 million in debt, with the top three lenders Arbor Realty Trust, Northern Trust Company, and Dime Community Bank respectively. Within the portfolio, the bulk, or 90 percent of the 2,456,008 square feet of built space are residential elevator properties, with residential walkup properties next occupying 10 percent of the space. They are all located in Queens.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 102-33 Atlantic Avenue that occurred over the past 24 months.

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