Sunil Agarwal pays $5.9M for dev site in Bayside through foreclosure

Sunil Agarwal through the entity 39th Bayside LLC paid $5.9 million for the development site at 214-43 39th Avenue in Bayside, Queens. The former owner was to Faizulmunir Kazi who lost the building through a foreclosure process, under index number 718839/2019.
The deal closed on July 8, 2024 and was recorded on July 23, 2024. The sale price per buildable square foot is $429 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 January 16, 2019, for $5.4 million. The signatory for Faizulmunir Kazi was Gregory Laspina. The signatory for Sunil Agarwal was Sunil Agarwal. The contract date was May 17, 2024. Faizulmunir Kazi lost the property in a foreclosure, in Queens county.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Sunil Agarwal had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Faizulmunir Kazi had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 200 feet and is 175 feet deep with a total lot size of 27,499 square feet. The lot is irregular. The zoning is R3X which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.2 million. The most recent loan transfer was the note purchased by JY Capital Group on December 30, 2022.

Violations and lawsuits

The property was involved in no lawsuits and three bankruptcies over the past two years. The highest value bankruptcy was filed on February 15, 2024, by Faizulmunir Kazi citing assets of $8 million. In addition, according to city public data, the property has received two DOB violations, $39,375 in ECB penalties, and $61,245 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 Bayside, The bulk, or 42 percent of the 6.9 million square feet of commercial built space are specialty buildings, with walkup buildings next occupying 18 percent of the space. In sales, Bayside has the 23rd highest sale turnover among other neighborhoods in Queens with $67 million in sales volume in the last two years. For development, Bayside has had very little major development activity relative to other neighborhoods.It had 183,311 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 owner of the one commercial property that spans that spans 6,442 square feet on the block.
On the tax block, there was one new building construction project filed totaling 2,095 square feet. It is a two-unit, 2,095 square-foot residential (R-3) building submitted by Faizulmunir Kazi with plans filed July 11, 2019 and it has not been permitted yet.

All properties are office.

The seller

The PincusCo database currently indicates that Faizulmunir Kazi owned at least one commercial property in New York City with 6,442 square feet and a city-determined market value of $1.2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Queens.

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