Yunatanov, Ben-Ishay pay $14.9M for hotel in Jamaica

Joseph Yunatanov and Danielle Sarah Ben-Ishay through the entity 3551 Boston Associates LLC paid $14.9 million to Rajendra R. Patel through the entity Goldmine Management LLC for the hotel building (H3) at 89-34 162nd Street in Jamaica, Queens.
The deal closed on July 28, 2023 and was recorded on August 11, 2023. The property has 30,266 square feet of built space and 1,259 square feet of additional air rights for a total buildable of 31,495 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $493 and the price per buildable square foot is $474 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 June 4, 2008, for $2.1 million. The signatory for Rajendra R. Patel was Rajendra R. Patel. The signatory for Joseph Yunatanov and Danielle Sarah Ben-Ishay was Joseph Yunatanov. The contract date was March 13, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Joseph Yunatanov had purchased any other properties and sold one property in one transaction for a total of $6 million over the past 24 months.
The seller Rajendra R. Patel had not purchased any other properties and had not sold any properties over the same time period.

The property

The hotel building in Jamaica has 30,266 square feet of built space and 1,259 square feet of additional air rights for a total buildable of 31,495 square feet according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 84 feet deep with a total lot size of 6,299 square feet. The zoning is C4-5X which allows for up to 4 times floor area ratio (FAR) for commercial and up to 5 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $7.7 million.

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 one DOB violation, $1,280 in ECB penalties, and $1,280 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on May 6, 2015. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Jamaica, The bulk, or 34 percent of the 29.2 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 14 percent of the space. In sales, Jamaica has near average sales volume among other neighborhoods with $373.5 million in sales volume in the last two years and is the 5th highest in Queens. For development, Jamaica has 3.8 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Queens. It had 3.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 14 commercial properties representing 284,409 square feet of the 445,848 square feet. The largest owner is Windfall Group, followed by Solil Management and then Growing Up Green Charter School.
On the tax block, there was one new building construction project filed totaling 85,344 square feet. It is a 113-unit, 85,344 square-foot residential (R-2) building submitted by Windfall Group and filed by Eddie Ni with plans filed April 21, 2022 and permitted June 10, 2022.

The majority, or 43 percent of the 445,848 square feet of built space are office buildings, with elevator buildings next occupying 34 percent of the space.

The buyer

The PincusCo database currently indicates that Joseph Yunatanov owned at least two commercial properties in New York City with 61,766 square feet and a city-determined market value of $14 million. (Market value is typically about 50% of actual value.) The portfolio has $11 million in debt, borrowed from New Millennium Bank. Within the portfolio, the bulk, or 71 percent of the 61,766 square feet of built space are hotel properties, with retail properties next occupying 29 percent of the space. The bulk, or 71 percent of the built space, is in Brooklyn, with Queens next at 29 percent of the space.

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