Virender Suri pays $1.8M for the 7-unit walkup in Woodside

Virender Suri through the entity Suri Building, LLC paid $1.8 million to Speros Manolatos for seven-unit residential walkup building (C1) at 37-43 59th Street in Woodside, Queens.
The deal closed on February 1, 2023 and was recorded on February 13, 2023. The property has 4,860 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $365 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 Speros Manolatos was Speros Manolatos. The signatory for Virender Kumar Suri was Virender Kumar Suri.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Virender Kumar Suri had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Speros Manolatos 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 Speros Manolatos, individual owner and Demetrios Manolatos, site manager. The 4,860-square-foot property generated revenue of $106,288 or $22 per square foot, according to the most recent income and expense figures.

The property

The 37-43 59th Street parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is R5B which allows for up to 1.35 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $687,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of two of the six commercial properties representing 11,385 square feet of the 59,825 square feet. The two identified owners are Georgia Brattis and Damian Hu.
There are no active new building construction projects on this tax block.

The majority, or 62 percent of the 59,825 square feet of built space are industrial buildings, with walkup buildings next occupying 38 percent of the space.

Direct link to Acris document. link