United Developers pays $2.5M for mixed-use in Rego Park

United Developers through the entity 63rd Saunders LLC paid $2.5 million to Stefanie A. Juster through the entity Juster Associates LLC for the mixed-use building (K2) at 94-19 63rd Drive in Rego Park, Queens.
The deal closed on November 21, 2023 and was recorded on November 30, 2023. The property has 5,000 square feet of built space and 1,074 square feet of additional air rights for a total buildable of 6,072 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $500 and the price per buildable square foot is $411 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 Stefanie A. Juster was Stefanie A. Juster. The signatory for United Developers was Matthew Ahdoot. The contract date was November 7, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer United Developers purchased three properties in two transactions for a total of $6 million and sold one property in one transaction for a total of $5.6 million over the past 24 months.
The seller Stefanie A. Juster had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building in Rego Park has 5,000 square feet of built space and 1,074 square feet of additional air rights for a total buildable of 6,072 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,499 square feet. The zoning is C4-2 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 $1.1 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 $700 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 Rego Park, The majority, or 65 percent of the 10.6 million square feet of commercial built space are elevator buildings, with mixed-use buildings next occupying 13 percent of the space. In sales, Rego Park has had very little sales volume relative to other neighborhoods with $152 million in sales volume in the last two years. For development, Rego Park has had very little major development activity relative to other neighborhoods.It had 584,198 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the nine commercial properties representing 30,732 square feet of the 49,982 square feet. The two identified owners are Sha Xia and Albert Kandchorov.
There are no active new building construction projects on this tax block.

The majority, or 43 percent of the 49,982 square feet of built space are office buildings, with retail buildings next occupying 29 percent of the space.

The buyer

The PincusCo database currently indicates that United Developers owned at least four commercial properties in New York City with 14,033 square feet and a city-determined market value of $3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 75 percent of the 14,033 square feet of built space are retail properties, with industrial properties next occupying 25 percent of the space. The bulk, or 42 percent of the built space, is in Queens, with Bronx next at 33 percent of the space.

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