Sukhjinder Singh pays $3.4M for industrial in Richmond Hill

Sukhjinder Singh through the entity 364-372 Investors LLC paid $3.4 million to Manjit Kaur for the industrial building (E1) at 117-17 Atlantic Avenue in Richmond Hill, Queens.
The deal closed on October 3, 2023 and was recorded on October 31, 2023. The property has 12,000 square feet of built space and 24,042 square feet of additional air rights for a total buildable of 36,063 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $283 and the price per buildable square foot is $94 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 Manjit Kaur was Manjit Kaur. The signatory for Sukhjinder Singh was Sukhjinder Singh. The contract date was January 16, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Sukhjinder Singh purchased one property in one transaction for a total of $1.5 million and sold three properties in one transaction for a total of $4.7 million over the past 24 months.
The seller Manjit Kaur had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Richmond Hill has 12,000 square feet of built space and 24,042 square feet of additional air rights for a total buildable of 36,063 square feet according to a PincusCo analysis of city data. The parcel has frontage of 123 feet and is 100 feet deep with a total lot size of 12,021 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.1 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 three DOB violations, and $1,875 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 Richmond Hill, The bulk, or 26 percent of the 6.4 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 20 percent of the space. In sales, Richmond Hill has had very little sales volume relative to other neighborhoods with $127.8 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 154,774 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the three commercial properties representing zero square feet of the 12,300 square feet. The identified owner is LIRR.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 12,300 square feet of built space are industrial buildings, with specialty buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that Manjit Kaur owned at least two commercial properties with 60 residential units in New York City with 54,196 square feet and a city-determined market value of $3.4 million. (Market value is typically about 50% of actual value.) The portfolio has $19.8 million in debt, with top three lenders as Greystone & Co., Northeast Community Bank, and NorthEast Community Bank respectively. Within the portfolio, all identified are elevator properties. They are all located in Bronx.

The buyer

The PincusCo database currently indicates that Sukhjinder Singh owned at least two commercial properties with two residential units in New York City with 11,200 square feet and a city-determined market value of $2.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 70 percent of the 11,200 square feet of built space are industrial properties, with mixed-use properties next occupying 30 percent of the space. They are all located in Queens.

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