Wazir Khamisa pays $1.4M for mixed-use in North Corona

Wazir A. Khamisa through the entity King Realty 97-16 LLC paid $1.4 million to Kit Poon through the entity 9716 Northern Development LLC for mixed-use building (K4) at 97-16 Northern Boulevard in North Corona, Queens.
The deal closed on October 21, 2022 and was recorded on November 2, 2022. The property has 5,510 square feet of built space and 1,380 square feet of additional air rights for a total buildable of 6,900 square feet according to PincusCo analysis of city data. The sale price per built square foot is $248 and the price per buildable square foot is $198 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 March 9, 2015, for $1.5 million. The signatory for Kit Poon was Kit Poon. The signatory for Wazir A. Khamisa was Wazir A. Khamisa.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Wazir A. Khamisa had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Kit Poon had not purchased any other properties and had not sold any properties over the same time period. The 5,510-square-foot property generated revenue of $152,850 or $28 per square foot, according to the most recent income and expense figures.

The property

The 97-16 Northern Boulevard parcel has frontage of 20 feet and is 115 feet deep with a total lot size of 2,300 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $642,000.

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 North Corona, the bulk, or 32 percent of the 4.9 million square feet of commercial built space are mixed-use buildings, with walkup buildings next occupying 29 percent of the space. In sales, North Corona has had very little sales volume relative to other neighborhoods with $107.5 million in sales volume in the last two years. For development, North Corona has had very little major development activity relative to other neighborhoods.It had 207,393 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. There were three pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of one of the nine commercial properties representing 3,100 square feet of the 29,674 square feet. The identified owner is Song Min Yi.
On the tax block, there was one new building construction project filed totaling 3,535 square feet. It is a 3,535-square-foot A-3 building developed by Phra Latthuthan with plans filed March 21, 2019 and permitted February 9, 2021.

The majority, or 88 percent of the 25,950 square feet of built space are mixed-use buildings, with industrial buildings next occupying 12 percent of the space.

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