Victor Gjonaj pays $10.8M for two properties in Rego Park

Victor Gjonaj through the entity 96-09 Rego Park LLC paid $10.8 million to the entity 96-09 Realty Co., LLC for the 66-unit residential elevator building (D1) at 96-09 66th Avenue in Rego Park, Queens and development parcel (V0) at Booth Street in Rego Park, Queens.
The deal closed on November 28, 2023 and was recorded on December 1, 2023. The two properties have 78,384 square feet of built space and 6,880 square feet of additional air rights according to a PincusCo analysis of city data. The sale price per built square foot is $137 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 the seller Linda Wolff-Adler was Robert L. Miller. The signatory for Victor Gjonaj was Victor Gjonaj. The contract date was September 8, 2023.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 96-09 66th Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Victor Gjonaj purchased one property in one transactions for a total of $10.2 million and has no record it sold any properties over the past 24 months.
The seller Linda Wolff-Adler had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Margery Carty, head officer and Linda Wolff-Adler, officer. The business entities are B&R Management Co Llc and 96 09 Realty Co Llc.

The property

The residential elevator building with 66 residential units in Rego Park has 78,384 square feet of built space and 6,880 square feet of additional air rights according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 100 feet deep with a total lot size of 20,000 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received one DOB violation and two housing violations 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 block

On the tax block of 96-09 66th Avenue, PincusCo has identified the owners of two of the six commercial properties representing 131,178 square feet of the 271,572 square feet. The two identified owners are Lefrak and Apostolos Anagnostopoulos.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 271,572 square feet of built space are elevator buildings, with development buildings next occupying 0 percent of the space.

The buyer

The PincusCo database currently indicates that Victor Gjonaj owned at least four commercial properties with 231 residential units in New York City with 243,822 square feet and a city-determined market value of $9 million. (Market value is typically about 50% of actual value.) The portfolio has $27.3 million in debt, borrowed from Ridgewood Savings Bank. Within the portfolio, the bulk, or 67 percent of the 243,822 square feet of built space are elevator properties, with walkup properties next occupying 33 percent of the space. They are all located in Bronx.

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