Victor Gjonaj pays $18M to Robert Miller for 108 units in Rego Park

Victor Gjonaj paid $18 million to Robert Miller for two rental buildings at 94-20 66th Avenue and 94-19 66th Avenue, each with 54 units, located across 66th Avenue from each other in Rego Park, Queens, in two transactions.

In the first, Victor Gjonaj through the entity 94-20 Rego Park LLC paid $9 million to Robert Miller through the entity 94-20 Realty Co., LLC for the 54-unit residential elevator building (D1) at 94-20 66th Avenue in Rego Park, Queens. The expected use is cash flowing.
The deal closed on September 23, 2024 and was recorded on September 26, 2024. The property has 48,960 square feet of built space and 1,768 square feet of additional air rights for a total buildable of 50,698 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $183 and the price per buildable square foot is $177 per the PincusCo analysis.

In the second, Victor Gjonaj through the entity 94-19 Rego Park LLC paid $9 million to Robert Miller through the entity 94-19 Realty Co., LLC for the 54-unit residential elevator building (D1) at 94-19 66th Avenue in Rego Park, Queens. The expected use is cash flowing. The deal closed on September 23, 2024 and was recorded on September 26, 2024. The property has 48,960 square feet of built space and 1,768 square feet of additional air rights for a total buildable of 50,702 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $183 and the price per buildable square foot is $177 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 Robert Miller was Robert L. Miller. The signatory for Victor Gjonaj was Victor Gjonaj. The contract date was May 3, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Victor Gjonaj purchased four properties in two transactions for a total of $20 million and has no record it sold any properties over the past 24 months.
The seller Robert Miller had not purchased any other properties and sold two properties in two transactions for a total of $11.8 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Donald Miller, head officer and Nancy Michaels, officer. The business entities are B&R Management Co. Llc and 94-20 Realty Co. Llc.

The property

The residential elevator building with 54 residential units in Rego Park has 48,960 square feet of built space and 1,768 square feet of additional air rights for a total buildable of 50,698 square feet according to a PincusCo analysis of city data. The parcel has frontage of 147 feet and is 100 feet deep with a total lot size of 14,738 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 $3.9 million. The property has 53 rent regulated units according to city tax records from 2022.

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 $1,250 in ECB penalties and $1,425 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 block

On this tax block, PincusCo has identified the owners of one of the eight commercial properties representing 177,710 square feet of the 296,080 square feet. The identified owner is LeFrak.
There are no active new building construction projects on this tax block.

The majority, or 94 percent of the 296,080 square feet of built space are elevator buildings, with walkup buildings next occupying 6 percent of the space.

The seller

The PincusCo database currently indicates that Robert Miller owned at least four commercial properties with 256 residential units in New York City with 301,440 square feet and a city-determined market value of $13.9 million. (Market value is typically about 50% of actual value.) The portfolio has $19.9 million in debt, borrowed from JPMorgan Chase. Within the portfolio, the bulk, or 98 percent of the 301,440 square feet of built space are elevator properties, with walkup properties next occupying 2 percent of the space. The bulk, or 50 percent of the built space, is in Bronx, with Manhattan next at 27 percent of the space.

The buyer

The PincusCo database currently indicates that Victor Gjonaj owned at least eight commercial properties with 362 residential units in New York City with 385,830 square feet and a city-determined market value of $18.1 million. (Market value is typically about 50% of actual value.) The portfolio has $40.3 million in debt, borrowed from Ridgewood Savings Bank and Flagstar Bank. Within the portfolio, the bulk, or 79 percent of the 385,830 square feet of built space are elevator properties, with walkup properties next occupying 21 percent of the space. The bulk, or 63 percent of the built space, is in Bronx, with Queens next at 37 percent of the space.

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