$6.4M medical office building sale in Murray Hill, Queens

The entity Northern 158 Holding LLC at an address associated with the active investor Xiao Jun Chen, paid $6.4 million to Northern Boulevard Associates through the entity Northern Boulevard Associates LLC for the office building (O7) at 158-06 Northern Building in Murray Hill, Queens.
The deal closed on May 20, 2025 and was recorded on May 28, 2025. The property has 9,000 square feet of built space and 13,104 square feet of additional air rights for a total buildable of 22,113 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $708 and the price per buildable square foot is $288 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 Northern Boulevard Associates was Howard Williams and Joseph G. Monge. The contract date was January 13, 2025. The seller signatories are both medical doctors and members of the practice.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Xiao Jun Chen purchased two properties in two transactions for a total of $10.3 million and sold one property in one transaction for a total of $4.3 million over the past 24 months.
The seller Northern Boulevard Associates had not purchased any other properties and had not sold any properties over the same time period. The 9,000-square-foot property generated revenue of $756,068 or $84 per square foot, according to the most recent income and expense figures.

The property

The office building in Murray Hill (QN) has 9,000 square feet of built space and 13,104 square feet of additional air rights for a total buildable of 22,113 square feet according to a PincusCo analysis of city data. The parcel has frontage of 105 feet and is 156 feet deep with a total lot size of 16,380 square feet. The zoning is R5B which allows for up to 1.35 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $7.2 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.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Murray Hill (QN), The bulk, or 32 percent of the 4.7 million square feet of commercial built space are mixed-use buildings, with walkup buildings next occupying 22 percent of the space. In sales, Murray Hill (QN) has the 23rd highest sale turnover among other neighborhoods in Queens with $75.2 million in sales volume in the last two years. For development, Murray Hill (QN) has had very little major development activity relative to other neighborhoods.It had 115,765 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

All properties are office.

The buyer

The PincusCo database currently indicates that Xiao Jun Chen owned at least six commercial properties with 40 residential units in New York City with 103,425 square feet and a city-determined market value of $15.4 million. (Market value is typically about 50% of actual value.) The portfolio has $61.1 million in debt, borrowed from East West Bank and Cathay Bank. Within the portfolio, the bulk, or 46 percent of the 103,425 square feet of built space are elevator properties, with office properties next occupying 29 percent of the space. The bulk, or 80 percent of the built space, is in Queens, with Brooklyn next at 20 percent of the space.

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