Victor Gjonaj pays $9.2M for two properties in Rego Park

Victor Gjonaj through the entity 65-84 Rego Park LLC paid $9.2 million to the entity 65-84 Realty Co., LLC for the 65-unit residential elevator building (D1) at 65-84 Booth Street in Rego Park, Queens and vacant parcel (V0) at 66th Avenue in Rego Park, Queens.
The deal closed on November 28, 2023 and was recorded on December 13, 2023. The two properties have 63,624 square feet of built space and 12,040 square feet of additional air rights for a total buildable of 67,076 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $144 and the price per buildable 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 Sue Wolff, 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 65-84 Booth Street.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Victor Gjonaj purchased three properties in two transactions for a total of $21 million and has no record it sold any properties over the past 24 months.
The seller Linda Sue Wolff 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 Linda Wolff Adler, head officer and Margery Carty, officer. The business entities are B & R Management Co. Llc and 6584 Realty Co. Llc.

The property

The residential elevator building with 65 residential units in Rego Park has 63,624 square feet of built space and 12,040 square feet of additional air rights for a total buildable of 67,076 square feet according to a PincusCo analysis of city data. The parcel has frontage of 160 feet and is 100 feet deep with a total lot size of 15,999 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 $3.4 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 not received any significant 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 65-84 Booth Street, PincusCo has identified the owners of one of the three commercial properties representing 64,932 square feet of the 128,556 square feet. The identified owner is Robert Miller.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 128,556 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 six commercial properties with 297 residential units in New York City with 322,206 square feet and a city-determined market value of $14.3 million. (Market value is typically about 50% of actual value.) The portfolio has $34.7 million in debt, borrowed from Ridgewood Savings Bank and Flagstar Bank. Within the portfolio, the bulk, or 75 percent of the 322,206 square feet of built space are elevator properties, with walkup properties next occupying 25 percent of the space. The bulk, or 76 percent of the built space, is in Bronx, with Queens next at 24 percent of the space.

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