83-07 101st Ave
Jamaica, NY 11416
Retail Property For Sale

I am not listing this as a broker - I am listing this as the owner of the property. There is no commission being earned by me on this transaction. You can negotiate commissions on your own for this opportunity - as long as I net the $120k being asked. This building is a mixed-use 3 family + store located on 101st Avenue in Ozone Park, Queens, NY. The current ownership structure of the building is a little complex. We own 50% of the building and there is another 50% remaining that MAY be owned by other heirs. We don't know if these people are alive or if they would even be interested in having anything to do with this shell of a building -- we have had the building for 3+ years now and no one has ever inquired about it, from the list of possible heirs that show up on the title report. The previous owner says she's the only person that has ever owned it, aside from her mother and grandmother, who owned it before her. There is a will that shows she owns 50% of it, however there are other people that show up on title report, in addition to her name. What we are selling is the rights to at minimum 50% ownership in this property, with the ability to make it 100% if the work is done to legally claim the remaining 50% - by proving that no one else wants it or is alive or whatever the process is. This deal requires some experience in working with these types of situations. It's not our cup of tea and we are no longer interested in putting in the work to get this done. The previous owner was able to get a reverse mortgage on this property, in her name only. This was one of the reasons we got into the deal to begin with, because we felt that gave us some assurance that she was in fact the sole owner. It turns out that MAY not be the case, but who knows, perhaps you / your buyer will find it easier to manage this than us. We haven't tried to negotiate a short sale or given the bank any offer for the $355,000 that is owed. However, based on the condition of the property and the fact that it needs a total gut renovation, it is our opinion, that the bank would likely take an offer on it -- but that's just an opinion. What we do know is that the worse case scenario is still pretty great. It's a property that after repair should be worth about $950,000 or more, depending on whether someone wants to take advantage of air / development rights and builds it to be even bigger -- which is an option also. So that means that worse case would involve $355k (or close to that) to the bank + $120k to us = $475k .... plus renovations....which would still leave you winning in this deal. The deal has a lot of hair on it, as they say....but for $120k what would you expect. We are going to sell it -- someone will take their shot at it -- so take advantage now that we are all sitting home with this Coronavirus lockdown -- be quick and do your research fast, because there's nothing in the 5 boroughs of New York City that you'll find for this amount of money, with so much potential. To sum it up: You are buying 50% of a mixed us 3 family + store The remaining 50% could be obtained through a process of eliminating any doubt that heirs may have a claim to the property There is a $355k lien that must be taken care of by buyer We don't need the previous owner for anything, however if for some reason their presence was requested, we have their full cooperation and we also have full power of attorney to handle anything. I HAVE A DROPBOX FOLDER WITH ALL DEAL DOCUMENTS THAT HAVE BEEN SIGNED AND PERTAIN TO THIS BUILDING. PLEASE CONTACT ME FOR THAT LINK.