Zev Mayer pays $7.8M to Rajive Maret for dev site in Arverne

Zev Mayer through the entity 6014 B LLC paid $7.8 million to Rajive Maret through the entity 2769 Creston Ave LLC for the development site at 60-14 Beach Channel Drive in Arverne, Queens.

On the lot, there is one active new building construction project for a 101-unit, 74,849 square-foot R-2 building. The project was submitted by Matthew Ahdoot with plans filed July 11, 2022 and it has not been permitted yet.

The deal closed on April 8, 2024 and was recorded on April 11, 2024. The property has zero square feet of built space and 65,876 square feet of additional air rights for a total buildable of 65,876 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $117 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 February 2, 2023, for $5.6 million. The signatory for Rajive Maret was Rajive Maret. The signatory for Zev Mayer was Zev Mayer. The contract date was November 14, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Zev Mayer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Rajive Maret purchased three properties in three transactions for a total of $15.3 million and had not sold any properties over the same time period.

The property

The parcel has frontage of 202 feet and is 218 feet deep with a total lot size of 32,938 square feet. The lot is irregular. The zoning is R5D which allows for up to 2 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2 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 not received any significant violations in the last year.

The neighborhood

In Arverne, The bulk, or 38 percent of the 1.3 million square feet of commercial built space are specialty buildings, with elevator buildings next occupying 33 percent of the space. In sales, Arverne has the 44th highest sale turnover among other neighborhoods in Queens with $20.9 million in sales volume in the last two years. For development, Arverne has had very little major development activity relative to other neighborhoods.It had 563,246 square feet of commercial and multi-family construction under development in the last two years, which represents 42 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owner of the one commercial property that spans that spans zero square feet on the block.The identified owner is Xhelal Ahmetaj.
On the tax block, there were two new building construction projects totaling 76,813 square feet. The largest is a 101-unit, 74,849 square-foot residential (R-2) building submitted by Matthew Ahdoot with plans filed July 11, 2022 and it has not been permitted yet. The second largest is a 1,964 square-foot storage (S-2) building submitted by Ariel Zabloski with plans filed August 24, 2017 and it has not been permitted yet.

All properties are industrial.

The seller

The PincusCo database currently indicates that Rajive Maret owned at least four commercial properties with five residential units in New York City with 56,742 square feet and a city-determined market value of $4.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 92 percent of the 56,742 square feet of built space are industrial properties, with mixed-use properties next occupying 8 percent of the space. They are all located in Bronx.

The buyer

The PincusCo database currently indicates that Zev Mayer owned at least two commercial properties with four residential units in New York City with 5,516 square feet and a city-determined market value of $1.4 million. (Market value is typically about 50% of actual value.) The portfolio has $36.9 million in debt, borrowed from Valley National Bank and Broadview Capital. Within the portfolio, the bulk, or 61 percent of the 5,516 square feet of built space are mixed-use properties, with development properties next occupying 39 percent of the space. They are all located in Bronx.

Direct link to Acris document. link