Vivek Singhal pays $3.5M for commercial properties in Bronx, Queens

Vivek Singhal paid a total of $3.5 million to two separate sellers in two separate transactions for commercial properties in the Bronx and in Queens.

In the larger, Vivek Singhal through the entity Singhal Holdings LLC paid $2.2 million to Alan Mizrachi and Raquel Dabah through the entity 3400 Boston Road Inc. for the retail building (K1) at 3400 Boston Road in Baychester, Bronx.
The deal closed on December 28, 2022 and was recorded on January 13, 2023. The property has 6,130 square feet of built space and 11,391 square feet of additional air rights for a total buildable of 17,520 square feet according to PincusCo analysis of city data. The sale price per built square foot is $358 and the price per buildable square foot is $125 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 Alan Mizrachi and Raquel Dabah was Alan Mizrachi and Raquel Dabah. The signatory for Vivek Singhal was Vivek Singhal. This property was last sold in 1962.

In the second, Vivek Singhal through the entity RKR Properties, Inc. paid $1.3 million to Azhar M. Abdulquader through the entity 6209 Fresh Pond, LLC for mixed-use building (S1) at 62-09 Fresh Pond Road in Maspeth, Queens. The deal closed on December 20, 2022 and was recorded on January 13, 2023. The property has 2,132 square feet of built space and 256 square feet of additional air rights for a total buildable of 2,400 square feet according to PincusCo analysis of city data. The sale price per built square foot is $609 and the price per buildable square foot is $541 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 30, 2019, for $1.1 million. The signatory for Azhar M. Abdulquader was Azhar M. Abdulquader. The signatory for Vivek Singhal was Vivek Singhal.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Vivek Singhal purchased one properties in one transactions for a total of $1.3 million and has no record it sold any properties over the past 24 months.
The seller Alan Mizrachi had not purchased any other properties and had not sold any properties over the same time period. The 6,130-square-foot property generated revenue of $178,628 or $29 per square foot, according to the most recent income and expense figures.

The property

The 3400 Boston Road parcel has frontage of 76 feet and is 87 feet deep with a total lot size of 7,210 square feet. The lot is irregular. The zoning is C4-2 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $694,000.

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 neighborhood

In Baychester, the bulk, or 39 percent of the 1.5 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 28 percent of the space. In sales, Baychester has the 36th highest sale turnover among other neighborhoods in Bronx with $20.2 million in sales volume in the last two years. For development, Baychester has had very little major development activity relative to other neighborhoods.It had 52,631 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 91 percent of the 26,160 square feet of built space are retail buildings, with mixed-use buildings next occupying 9 percent of the space.

The buyer

The PincusCo database currently indicates that Vivek Singhal owned at least one commercial property in New York City with 2,945 square feet and a city-determined market value of $401,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single specialty property. It is located in Queens.

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