Zain Munassar pays $4.1M to Jacob Aaron for retail in North Corona

Zain Munassar through the entity 37-66 Rental LLC paid $4.1 million to Jacob Aaron through the entity Maki, LLC for midblock retail building at 37-66 103rd Street in North Corona, Queens.
The deal closed on March 8, 2022 and was recorded on March 22, 2022.The property has 4,500 square feet of built space and 10,080 square feet of additional air rights for a total buildable of 14,610 square feet according to PincusCo analysis of city data. The sale price per built square foot is $911 and the price per buildable square foot is $280 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 Jacob Aaron was Jacob Aaron. The signatory for Zain Munassar was Zain Munassar.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Zain Munassar had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jacob Aaron had not purchased any other properties and had not sold any properties over the same time period.

The property

The 37-66 103rd Street parcel has frontage of 75 feet and is 95 feet deep with a total lot size of 7,305 square feet. The lot is irregular. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.4 million.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. 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 majority, or 53 percent of the 12.7 million square feet of commercial built space are 1-4 family buildings, with mixed-use buildings next occupying 12 percent of the space. In sales, North Corona has the 33rd highest sale turnover among other neighborhoods in Queens with $26.3 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 364,997 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 40 commercial properties representing 8,948 square feet of the 152,244 square feet. The two identified owners are Steve Kokolis and City of New York. There are three active new building construction projects totaling 15,633 square feet. The largest is a four-unit, 5,257-square-foot R-2 building developed by Yun Zhong Sun with plans filed July 31, 2019 and it has not been permitted yet. The second largest is a four-unit, 5,188-square-foot R-2 building developed by David Chen with plans filed January 8, 2021 and it has not been permitted yet.

The majority, or 44 percent of the 217,446 square feet of built space are mixed-use buildings, with 1-4 family buildings next occupying 42 percent of the space.

Surrounding

Within a 400-foot radius of 37-66 103rd Street, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a sale which Shiraz Sanjana bought the 10,000-square-foot, 12-unit mixed-use building (K2) on 39-01 103rd Street for $5.4 million from Irene Burinescu on July 21, 2021.

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