|WHAT DO YOUR DREAMS LOOK LIKE?|
|The Khan's Story
By Kathleen Springer
Being a Realtor in this area for many years has given me the opportunity to experience some very interesting changes to our community and meet a lot of nice people who have mae wonderful contributions to Astoria, L.I.C.
Below are before and after picture of a home I helped the Khan Family purchse back in 1995. The house was rumored to have been the summer home of Astoria's namesake, John Jacob Astor, a prominent furrier in the 1800's. By 1995 the house had become very run down. Although, the house was in the Historic District of Astoria it could not be restored to it's original splendor. In the 1930's it had been converted to a multi-unit dwelling and extensive interior renovations had been made, thereby, losing its landmark status potential.
In 1995 the real estate market was down. The house needed a lot of exterior repairs, and obtaining financing was extremely challenging. This frightened many prospective buyers away.
| The Khan's were intrigued by the grandiosity of the house situated on a 80x180 lot on 14th Street off Astoria Park South, and had envisioned making it into a "dream home."
Shakil and Aquil Khan are Insurance Auditors for Revlon Cosmetics and Empire Insurance. They were raised near Astoria Park and loved the area. Taking a leap of faith they made this their firs investment. Getting financing was no easy task, but finally Peter Papadopoulos of Mortgage World came through.
The apartments are all two-bedroom duplex's with fireplaces. Young professionals, fleeing skyrocketing Mangattan rents eagerly rented the apartments at $1200. With the renovations and rising real estate market conditions the house has nearly doubled in value.
Shakil "gets a kick" out of the number of passers-by who constanly stop to gaze at the home. "We've made several other real estate investments in Astoria since, but" Shakil says "This is a jewel" +++++
|14th Street, Astoria Park South|
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Astoria, N.Y. 1003
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