Ylber Zharku pays $2.8M for 16-unit walkup in Ditmars Steinway
Ylber Zharku and Arben Zharku through the entity 21-45 23rd Street LLC paid $2.8 million to Larry Altschul through the entity P. Altschul Realty LLC for the 16-unit residential walkup building (C1) at 21-45 23rd Street in Ditmars Steinway, Queens.
The deal closed on April 4, 2024 and was recorded on April 16, 2024. The property has 12,320 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $227 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 Larry Altschul was Larry Altschul. The signatory for Ylber Zharku and Arben Zharku was Ylber Zharku. The contract date was March 1, 2023.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Ylber Zharku had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Larry Altschul had not purchased any other properties and sold two properties in two transactions for a total of $5.6 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Larry Altschul, head officer and Thomas Karfunkel, officer. The business entity is P Altschul Realty Llc.
The property
The residential walkup building with 16 residential units in Ditmars Steinway has 12,320 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 44 feet and is 100 feet deep with a total lot size of 4,399 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 $924,000.
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 four housing violations and $150 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
There are no active new building construction projects on this tax block.
The majority, or 83 percent of the 14,900 square feet of built space are walkup buildings, with mixed-use buildings next occupying 17 percent of the space.
The buyer
The PincusCo database currently indicates that Arben Zharku owned at least two commercial properties with 34 residential units in New York City with 23,976 square feet and a city-determined market value of $1.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Queens.
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