Tee J Pamon Acquires Multifamily Property In Hunters Point, Queens For $4.7M

An industrial multifamily property located at 5-11 50 Avenue in Hunters Point, Queens was sold on December 22, 2021. The property is situated in the Hunters Point market and has a zoning designation of M1-4/R6B in LIC. The transaction involved the sale of the property from Jason M Zegans to Tee J Pamon for a total price of $4,725,000. The property has a building square footage (BSF) of 5,000, with a price per BSF (PPBSF) of $945. The total square footage (SF) of the property is 4,975, with a price per square foot (PPSF) of $949. The property has a floor area ratio (FAR) of 1.99 and falls under tax class 2A. The lot size is 2,500 square feet, with dimensions of 25 feet by 100 feet. The previous sale of the property took place on November 24, 2004, with a sale price of $1,200,000. An alteration permit was issued on March 28, 2017.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $4,725,000
• BSF: 5,000
• PPBSF: $945
• SF: 4,975
• PPSF: $949
• FAR: 1.99
• Tax Class: 2A
• Lot Size: 2,500
• Last Sale Price: $1,200,000 (11/24/2004)
• Permits: Alteration 3 (03/28/2017)
• Lot Dimension: 25 ft x 100 ft

Tee J Pamon acted as the buyer in the transaction, while Jason M Zegans served as the seller. The deal was facilitated by Tee J Pamon's representative at their respective agency.