VAJA Group pays $21.5M for 152-unit dev site in Astoria

VAJA Group paid $21.5 million to affiliates of Rani Dishi and others in two transactions for two development parcels at 11-14 35th Avenue and 35-30 12th Street in Astoria, Queens.

On the lot, there is one active new building construction project at 35-10 12th Street for a 152-unit, 102,994 square-foot residential (R-2) building. The project was submitted by VAJA Group and filed by Moses Freund with plans filed December 22, 2021 and permitted May 27, 2022.

In the first transaction, VAJA Group through the entity Point Property LIC LLC paid $17.6 million to Shalom Malul, Rani Dishi, and Eric Berliner through the entity 1164 Garrison Avenue LLC for the development building (V1) at 11-14 35th Avenue in Astoria, Queens.
The deal closed on January 25, 2024 and was recorded on February 5, 2024. The property has 10,320 square feet of built space and 73,569 square feet of additional air rights for a total buildable of 73,569 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,709 and the price per buildable square foot is $239 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 March 18, 2015, for $4.8 million. The signatory for Shalom Malul, Rani Dishi, and Eric Berliner was Shalom Malul, Rani Dishi, and Eric Berliner. The signatory for VAJA Group was Moses Freund. The contract date was November 29, 2023.

In the second, VAJA Group through the entity Point Property Lic LLC paid $3.9 million to Rani Dishi through the entity Lic Property Group Partners LLC for the development building (V1) at 35-30 12th Street in Astoria, Queens. The deal closed on January 25, 2024 and was recorded on February 5, 2024. The property has 2,189 square feet of built space and 13,500 square feet of additional air rights for a total buildable of 13,500 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,760 and the price per buildable square foot is $285 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 August 6, 2021, for $1.8 million. The signatory for Rani Dishi was Rani Dishi. The signatory for VAJA Group was Moses Freund. The contract date was November 29, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer VAJA Group purchased five properties in three transactions for a total of $8.6 million and has no record it sold any properties over the past 24 months.
The seller Shalom Malul purchased four properties in four transactions for a total of $5.4 million and sold one property in one transaction for a total of $2.3 million over the same time period.

The property

The development building in Astoria has 10,320 square feet of built space and 73,569 square feet of additional air rights for a total buildable of 73,569 square feet according to a PincusCo analysis of city data. The parcel has frontage of 92 feet and is 275 feet deep with a total lot size of 24,523 square feet. The lot is irregular. 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 $2,100 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project for a 152-unit, 102,994 square-foot R-2 building. The project was submitted by VAJA Group and filed by Moses Freund with plans filed December 22, 2021 and permitted May 27, 2022.

The neighborhood

In Astoria, The bulk, or 36 percent of the 40.2 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 31 percent of the space. In sales, Astoria has 2.3 times the average sales volume among other neighborhoods with $691 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Astoria has 3.3 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Queens. It had 3.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other development buildings in the past 12 months.

The block

On the tax block, there was one new building construction project filed totaling 102,994 square feet. It is a 152-unit, 102,994 square-foot residential (R-2) building submitted by VAJA Group and filed by Moses Freund with plans filed December 22, 2021 and permitted May 27, 2022.

The majority, or 89 percent of the 86,682 square feet of built space are industrial buildings, with walkup buildings next occupying 8 percent of the space.

The seller

The PincusCo database currently indicates that Shalom Malul owned at least eight commercial properties with 28 residential units in New York City with 34,276 square feet and a city-determined market value of $7.8 million. (Market value is typically about 50% of actual value.) The portfolio has $974,500 in debt, borrowed from Greystone. Within the portfolio, the bulk, or 60 percent of the 34,276 square feet of built space are C3 properties, with elevator properties next occupying 24 percent of the space. They are all located in Brooklyn.
The PincusCo database currently indicates that Eric Berliner owned at least three commercial properties with four residential units in New York City with 16,410 square feet and a city-determined market value of $12.6 million. (Market value is typically about 50% of actual value.) The portfolio has $5.5 million in debt, borrowed from JPMorgan Chase. Within the portfolio, all identified are mixed-use properties. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that VAJA Group owned at least 13 commercial properties with 151 residential units in New York City with 94,109 square feet and a city-determined market value of $12.9 million. (Market value is typically about 50% of actual value.) The portfolio has $40.8 million in debt, borrowed from Northeast Community Bank and NorthEast Community Bank. Within the portfolio, the bulk, or 41 percent of the 94,109 square feet of built space are walkup properties, with mixed-use properties next occupying 28 percent of the space. They are all located in Bronx.

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